Thursday, March 24, 2011

Melrose Resources reports 2010 Annual Results; 2010 Production in line with Market Guidance; Plan to invest 60% of 2011 Capital budget for development programs in Egypt

Melrose’s working interest production averaged 41.1 Mboepd during the year up 6% over 2009. Approximately 83% of the production was gas. Approx. 95% of the production came from Egypt, benefited from a full year contribution from five developments brought on stream in 2009.The company's 2010 production is inline with latest market guidance of 40.7 kboepd, contained in the quarterly 2010 Interim Management Statement.

The company forecasted US$112 million capital program for 2011, of which approximately 50% will be invested to high impact exploration in Egypt, Bulgaria, Romania and Turkey.
The company projected 2011 net entitlement production to be approximately 22,000 bopd, which will be supplemented by a full year's contribution from the Kaliakra and Kavarna fields in Bulgaria

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