News

February 09, 2010

Melrose Resources Announces A New Exploration Discovery In Egypt

Just before last Christmas Edinburgh –based, main LSE- board- listed Melrose Resources said its guidance for 2010 was that it would deliver net production of 17.5 million barrels of oil equivalent (boe) from what you might call its development assets in Egypt, Bulgaria and the US.

It also announced a substantial US$169 million capital expenditure budget for exploration and development of these assets as well as for greenfield exploration on newer concessions. Although the greenfield spend would take up more of the capex in 2010 – about one third of the total budget compared to 20 per cent in 2009, as the company seeks to chase down the potential reserves in its frontier exploration blocks in Turkey and a new area of Egypt – there is still cash left for development of...