Melrose to increase oil output in Egypt
MELROSE Resources, the oil and gas explorer, has raised its production target for the third time this year.
Edinburgh-based Melrose said better than expected results in Egypt meant production would be around 38,500 barrels of oil a day in 2009, 1,000 barrels a day more than its previous guidance.
Chief executive Dave Thomas said the company is preparing for three potentially high-impact wells in Egypt in the first half of 2010, before moving its rigs in the country to a frontier exploration region near the border with Sudan. Shares rose 4.8 per cent to 356.3p.
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Monday 20 February 2012
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