Management Resource Solutions Regulatory News (MRS)

25 Feb 2005 10:18

Melrose Resources PLC25 February 2005 FOR IMMEDIATE RELEASE 25 February 2005 MELROSE RESOURCES PLC Award of new concession in Egypt Melrose Resources plc ("Melrose") is pleased to announce that it has beennotified that it is the successful bidder for a new exploration block in Egyptin the bidding round for new concessions organised by the Egyptian GeneralPetroleum Corporation. Subject to final Government approval and to completion ofdocumentation, Melrose and its partner, Merlon Petroleum Corporation, will eachacquire a 50% working interest in the new South East El Mansoura Concession. TheSouth East El Mansoura Concession covers an area of 3,730 km(2) and lies to thesouth and south-east of the El Mansoura Concession (920 km(2)). Commenting on this, Robert Adair, Chairman, said: "We are very pleased to have been awarded this substantial new concession areaadjacent to the El Mansoura Concession where we have established production andwe are enjoying continuing exploration success. We believe that the explorationfairways which we have been following on El Mansoura continue into the northernpart of the new concession. We look forward to applying the knowledge andexperience which we have gained in the area to the new concession and we hopethat it will add materially to the prospectivity of our Egyptian explorationassets." For further information please contact: Melrose Resources plcRobert Adair , Chairman 0184 553 7037David Curry, Chief Executive 0131 221 3360Chris Thomas, Corporate Development Director 0207 462 1603 Buchanan CommunicationsTim Thompson 0207 466 5000Ben Willey or visit www.melroseresources.com This information is provided by RNS The company news service from the London Stock Exchange