Management Resource Solutions Regulatory News (MRS)

2 Nov 2007 11:00

Melrose Resources PLC02 November 2007 FOR IMMEDIATE RELEASE 2 November 2007 MELROSE RESOURCES PLC ("Melrose" or "the Company") Bond offering update On 18 October 2007 Melrose Resources plc (LSE: MRS), the oil and gasexploration, development and production company, announced that it intended tomake an offering (the "Offering") to institutional investors of approximately€250 million Senior Subordinated Notes ("the Notes"). To facilitate the process Melrose completed a rating exercise and was rated B2by Moody's and B- by Standard & Poor's. However, recent market conditions forthe Offering have not been optimal and in light of the impact of this on theexpected interest rate, the Offering has been postponed. Commenting on the above, David Thomas, Chief Executive, said: "The bond issue was driven by a desire to consolidate Melrose's long termfinancial arrangements and, since our current financial position is strong, itwould not make sense for us to issue the Notes under current market conditions.We will proceed with the Company's active exploration and development programusing our existing financing facilities, which are more than adequate to coverour investment requirements." For further information please visit www.melroseresources.com or contact: Melrose Resources plc 0131 221 3360David Thomas, Chief ExecutiveRobert Adair, Executive ChairmanMunro Sutherland, Finance Director Buchanan Communications 0207 466 5000Tim ThompsonBen Willey This information is provided by RNS The company news service from the London Stock Exchange