Management Resource Solutions Regulatory News (MRS)

27 Jun 2005 13:26

Melrose Resources PLC27 June 2005 FOR IMMEDIATE RELEASE 27 June 2005 Melrose Resources plc El Mansoura well successfully tests oil Melrose Resources plc, the oil and gas exploration and production company withinterests in Bulgaria, Egypt, France and USA, today announces that the El Tamadwell on the El Mansoura concession has successfully tested oil. The El Tamad exploration well was drilled to test a Sidi Salim objective in thesouthern area of the El Mansoura concession. Wireline logging indicated a grosshydrocarbon column of 87ft and the well was perforated and tested in the oil legbetween 6,437ft - 6,450ft. The well flowed on a 20/64 inch choke at rates inexcess of 2,000 barrels of oil per day (bopd) and 1.5 MMcfpd of gas. The Company also announces that the award of the South East El MansouraConcession to a joint venture group comprising Melrose and Merlon Petroluem wasratified by the Egyptian Parliament and issued as law on 23 June 2005. Commenting on this, Robert Adair, Chairman, said: "It is very encouraging to have successfully tested oil for the first time on the El Mansoura concession and to have opened up another exploration play on this concession. The appraisal of the downdip extent of the oil column identified by the El Tamad well will now become a priority." For further information please contact Melrose Resources plcRobert Adair, Chairman 0184 553 7037David Curry, Chief Executive 0131 221 3360Munro Sutherland, Finance Director 0131 221 3360Chris Thomas, Corporate Development Director 0207 462 1603 Buchanan Communications LimitedTim Thompson/Ben Willey 0207 466 5000 or visit www.melroseresources.com This information is provided by RNS The company news service from the London Stock Exchange