Melrose strikes gas in Bulgarian well
MELROSE Resources, the Edinburgh-based oil and gas explorer, yesterday revealed it has made a gas discovery at its Kavarna East number-one well in Bulgaria.
The preliminary reserves estimate for the discovery is 12 billion cubic feet of gas, in line with pre-drill expectations.
Analysts at Collins Stewart said: "This result adds to our confidence in the upside in the region and in the production outlook. Bulgarian gas is set to be the biggest element of Melrose's production growth in 2010-11."
The company - which has operations in Egypt, Bulgaria, Romania, France and the US - also agreed to farm-down its interest in the Rhone Maritime block, offshore France, to Noble Energy.
Melrose, which holds a 100 per cent working interest in the block, will retain a 27.5 per cent interest, with Noble acquiring the balance.
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Tuesday 14 February 2012
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