12 Aug 2011 07:00
12 August 2011
MELROSE RESOURCES PLC
Bulgarian Exploration Update
Melrose Resources plc ("Melrose" or "the Company"), the oil and gas exploration, development and production company, today provides an update on its exploration activities in Bulgaria.
Drilling operations have been completed on the Kaliakra East-1 exploration well on the Galata block in the western Black Sea. The Palaeocene reservoir interval was found to be eroded at the drilled location and the well will be plugged and abandoned.
The Company is now moving ahead with its plans to shoot 500 square kilometres of 3D seismic over the central area of the Galata Block to the north of the Galata to Kaliakra field trend. Three further explorations leads have been identified in this area on regional 2D seismic data and these have combined prospective resources of 130 Bcf and an average chance of success 23 percent. A contractor has been selected to conduct the seismic survey which is scheduled to commence in September.
Commenting on today's announcement, David Thomas, Chief Executive, said:
"Notwithstanding the Kaliakra East-1well results, the Galata Block remains relatively under-explored and we are looking forward to receiving the results of the 3D seismic survey over the central area of the concession. The combination of low development costs, strong regional gas prices and competitive terms make this one of the very attractive exploration environments for the Company. "
For further information please contact:
Melrose Resources plc David Thomas, Chief Executive Robert Adair, Executive Chairman Diane Fraser, Finance Director
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0131 221 3360 |
Pelham Bell Pottinger Mark Antelme Henry Lerwill |
0207 861 3232
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or visit www.melroseresources.com
Glossary:
Bcf - billion cubic feet of gas
Disclaimer
This announcement contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil and gas exploration and production business. While Melrose believes the expectations reflected herein to be reasonable, the actual outcome may be materially different owing to factors either within or beyond Melrose's control, and accordingly no reliance may be placed on the figures contained in such forward looking statements.