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Melrose Resources ramping up production

Tue, 19th May 2009 08:15

Oil and gas firm Melrose Resources has raised its production forecast for 2009 by around 5%, reflecting continued strong performance of its Egyptian assets and the earlier than expected start of production at its South Zarqa and North East Abu Zahra projects.The net entitlement production forecast for 2009 has been raised to 15.7m barrels of oil equivalent per day (boepd), despite first quarter output levels running 13% below last year’s levels.The company said that the production shortfall is largely due to the termination of gas production at the Galata field in Bulgaria at the end of January 2009 in order to prepare the field for gas storage.Average daily production in the quarter was 32,661boepd on a working interest basis. On a net entitlement basis, first quarter production totalled 6.4bn cubic feet of gas and 420m barrels of oil and condensate, giving an average daily rate of 16,552 boepd.The group remains well funded with little change in its balance sheet position since the publication of its 2008 results in March. Group net debt at the end of March was $443.8m.Discussions are taking place with its existing syndicate banks and HSBC to increase the size of its senior debt facility by up to $40m from its current level of $440m; the group also has a subordinated debt facility of $70m.The group said it generates enough cash and has enough capital head room to finance its planned investment programme even if the price of oil were to head back down to the lows seen earlier this year, since the majority of Melrose’s output is gas sold at fixed prices.‘Melrose has started the year well and our increased production expectation, coupled with the recent improvement in oil prices, should help to boost our annual revenues,’ said Melrose’s chief executive, David Thomas.
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Management Resource Solutions Buys Engineering Facility For GBP1.7 Million

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Management Resource Director Burton Steps Down, Exercises Warrants (ALLISS)

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18 Jan 2017 13:18

Management Resource Solutions reports larger loss, turns down new meeting request

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9 Jan 2017 10:27

Management Resource Solutions Former CEO Requisitions General Meeting

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21 Dec 2016 09:18

Management Resource Solutions appoints Joe Clayton CEO

(ShareCast News) - Mining industry veteran Joe Clayton has been appointed chief executive of AIM-listed mining services provider Management Resources Solutions, with immediate effect. Clayton, a qualified mining engineer and a fellow of the Australian Institute of Mining and Metallurgy, has over 40

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21 Dec 2016 08:51

Clayton Becomes Permanent CEO Of Management Resource Solutions

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29 Nov 2016 15:45

Management Resource Solutions Opens Invoice Facility Amid Cash Squeeze

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9 Nov 2016 11:35

Management Resource Solutions closes unit after contract issues

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3 Nov 2016 14:50

Management Resource Solutions Continues Investigation Of Legacy Issues

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30 Sep 2016 11:13

Management Resource Solutions completes AU$6.12m acquisition of SubZero

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Management Resource Solution gobbles up SubZero Group

(ShareCast News) - Management Resource Solution announced on Thursday that it has entered into an exclusive agreement to acquire the core assets of the SubZero Group for a total consideration of AUD 6.12m. The AIM-traded firm said the conditional asset sale agreement has been made on exclusive terms

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Management Resource Solutions Wins Deal To Demolish Australian Plant

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