Management Resource Solutions Regulatory News (MRS)

20 Sep 2005 07:02

Melrose Resources PLC20 September 2005 FOR IMMEDIATE RELEASE 20 September 2005 MELROSE RESOURCES PLC Galata East Drilling Result Melrose Resources plc today announces the successful result of the Galata Eastappraisal well, drilled on the Galata Production Concession located offshoreBulgaria. The well reached a total depth of 1,175m on 17 September. The relatively lowpermeability Palaeocene reservoir section was encountered from 1,109m to 1,119mwith some gas shows and the main Kalaika reservoir was present from 1,119m to1,133m with some good gas shows while drilling. The initial interpretation ofthe wireline logs is positive but the calculation of estimated additional gasreserves will depend upon the finally evaluated petrophysical parameters and thereservoir pressure. In order to permit detailed evaluation of the data from Galata East, followingthe completion of operations on this well, the rig will next move to thelocation of the Samotino No.1 exploration well which lies to the south of theGalata field in the shallow-water, inshore area of the Block Kaliakra 99exploration concession. Thereafter, the rig will return to drill the Galata Eastproduction well from the Galata platform. Commenting on this, Robert Adair, Chairman, said: "The successful result of the Galata East well has proved an extension to theGalata Field structure. We believe that the well has confirmed our pre-drill P90reserves estimate of at least 20 Bcf and this will allow us to extend productionlife of the field at current plateau rates." 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 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