Melrose Makes Third Bulgaria Discovery; Farms Out To Noble

LONDON (Dow Jones)--Oil and gas explorer Melrose Resources PLC (MRS.LN) Friday said it made its third consecutive discovery offshore Bulgaria. Melrose said the gas discovery was at the Kavarna East No. 1 well in the Galata block. It estimates the discovery, which is near two other recent discoveries, contains about 12 billion cubic feet of gas. The company added it agreed to assign Noble Energy Inc. (NBL) a 72.5% interest in its Rhone Maritime concession in the deep water at the Rhone Delta in the Mediterranean. Melrose said it wanted an experienced deep water operator and agreed heads of terms for the farm-out with Noble. Noble will fund the lion's share of a planned seismic survey of the concession, Melrose said. -By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; jason.douglas@dowjones.com (END) Dow Jones Newswires July 30, 2010 03:05 ET (07:05 GMT)