Management Resource Solutions Regulatory News (MRS)

13 Jun 2007 14:30

Melrose Resources PLC13 June 2007 Immediate Release 13 June 2007 MELROSE RESOURCES PLC AGM and Egyptian drilling update Melrose Resources plc (LSE: MRS) ("Melrose") announces that at the AnnualGeneral Meeting held earlier today the shareholders of the Company approved allof the resolutions put before the meeting. Melrose also provides the following update of the results of its continuingdrilling programme in Egypt. The West Dikirnis No.9 has been drilled as a development well in the westernpart of the field. The well successfully intersected a 117 ft of grosshydrocarbon column in the Qawasim formation consisting of 49 ft of gas above 68ft of oil. The well was flow tested over a 15 ft interval from 9,192 to 9,207 ftand flowed oil at 4,370 bopd and gas at 7.3 MMcfpd through a 42/64" choke. Therig will now drill the West Dikirnis No.6, an appraisal well which is aimed attesting the southern-most extension of the West Dikirnis field. The West Khilala No.5 development well has been drilled to test the northernlimits of the field. The well was logged with final results indicating a grossvertical pay interval of 54 ft with 45 ft interpreted as net pay in an excellentsand reservoir. A production test is currently being planned before the well isput on production. The rig will then move to drill the West Khilala No.7 (Deep)exploration/appraisal well close to the south-eastern limit of the West KhilalaField. This well will target an exploration objective in the Qawasim formation,deeper than the main West Khilala producing formation. Commenting on this, Robert Adair, Executive Chairman, said: "The result of the West Khilala No.5 is in line with expectations and the wellwill be put on production shortly. Current production from the West Khilalafield continues at 80 MMcfpd. The West Dikirnis No.9 should be a good productionwell and we have now established production capacity in the West Dikirnis fieldin excess of our target rate of 10,000 bopd. The West Dikirnis developmentproject is now over 65% complete, with first production scheduled for the end ofSeptember." For further information please contact: Melrose Resources plc 0131 221 3360Robert Adair, Executive ChairmanDave Thomas, Chief ExecutiveMunro Sutherland, Finance Director Buchanan Communications 0207 466 5000Tim Thompson, Ben Willey, Nick Melson or visit www.melroseresources.com This information is provided by RNS The company news service from the London Stock Exchange