Melrose pumped up over prospects

MELROSE Resources, the Edinburgh-based oil and gas explorer, yesterday said it was looking forward to an “active exploration and development programme” next year.

In its interim management statement, chief executive David Thomas said the company, which plans its first exploration operations in Romania in the coming months, had continued to generate strong cash flow in the third quarter of the year. He added that Melrose remained on track to deliver on its financial targets for 2011.

Shares in the company closed down 1p at 115p.