News

August 13, 2009

Melrose Resources Successfully Drills The Kaliakra Appraisal Well Portending An Increase in Reserves For the Company And Renewed Gas Production From Bulgaria

Melrose Resources plc

We have got so used to reporting on FTSE’s 250 company Melrose Resources Egyptian assets as the area of most interest for investors that Bulgaria, which was once the group’s flagship project, seems to have faded almost completely from the reporting on the company.

It is true that when we had the interim report in July it turned out that of the 16,000 boepd in average production some 13,870 was from Egypt. Of the remainder there was a contribution from the US.

The Galata offshore oil field in Bulgaria has produced 66 billion cubic feet of gas during the time Melrose has been involved with it. But it is now in a state of advanced depletion; so advanced, in fact, production has been halted and what is left will be used on another project ( more...