Melrose Unveils Exploration Plans in Bulgaria for 2012Energy | December 16, 2011, Friday // 18:25| views
Edinburgh-based oil and gas explorer Melrose Resources announced it is to spend USD 37 M on exploration wells in Bulgaria and Egypt and a seismic project in Romania.
Another USD 46 M will be poured into developing its main fields in Egypt, the company announced in a London Stock Exchange statement.
In Bulgaria, one well is set to be drilled in the central area of the Galata block.
In 2001, a Melrose subsidiary signed a 25-year concession agreement with Bulgaria to extract gas from a deposit in the Galata field.
Melrose chief executive David Thomas said: "We are looking forward to 2012 when we will continue to pursue our various exploration and development projects whilst maintaining a strong focus on delivering the company's financial objectives.
"Based on our performance in 2011, we are now setting a new target to reduce financial gearing to below 60% within 12 months.
"The exploration programme contains some potentially high impact wells, both in Egypt and Bulgaria, and we will be particularly pleased to commence the seismic acquisition programme on the Muridava and Est Cobalcescu blocks, offshore Romania."
In the summer this year Melrose Resources abandoned a well on the Galata block in the western Black Sea, offshore Bulgaria, but shortly afterwards good financial results justified its decision to press ahead with its plans in the Balkan country.
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