News

March 01, 2010

Melrose Resources Meets Production Targets As Its Egyptian Work Programme Continues To Yield Additional Barrels

Melrose Resources met its production targets for 2009, delivering working interest output of 38,600 barrels of oil equivalent per day, up 8.6 per cent on 2008 levels as five new fields were brought onstream in Egypt. The net entitlement barrels – those due to the London-listed company after the state has taken its share – came in at 17,000 boepd.

"It has been a good year for Melrose and we achieved a record production level of 38.6 Mboepd driven, in large part, by the successful fast-track development of a number of our recent Egyptian exploration discoveries,” said chief executive David Thomas.

The company, which is well-known for keeping rigs busy across its Egyptian properties, finished the year with a net entitlement reserves replacement ratio of 130 per cent.  Thomas pointed out that the company, which has proved and...