Friday, August 12, 2011
Melrose Resources plc
Melrose provided an update on its exploration activities in Bulgaria.
Drilling operations have been completed on the Kaliakra East-1 exploration well on the Galata block in the western Black Sea. The Palaeocene reservoir interval was found to be eroded at the drilled location and the well will be plugged and abandoned.
The Company is now moving ahead with its plans to shoot 500 square kilometers of 3D seismic over the central area of the Galata Block to the north of the Galata to Kaliakra field trend. Three further explorations leads have been identified in this area on regional 2D seismic data and these have combined prospective resources of 130 Bcf and an average chance of success 23 percent. A contractor has been selected to conduct the seismic survey which is scheduled to commence in September.
Commenting on Friday's announcement, David Thomas, Chief Executive, said, "Notwithstanding the Kaliakra East-1well results, the Galata Block remains relatively under-explored and we are looking forward to receiving the results of the 3D seismic survey over the central area of the concession. The combination of low development costs, strong regional gas prices and competitive terms make this one of the very attractive exploration environments for the Company."
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