Melrose Resources plc, the oil and gas exploration, development and production company with interests in Egypt, Bulgaria, Romania the United States of America, France and Turkey, announced its annual results for the year ended 31 December 2009.
• 9% increase in working interest production to 38,595 boepd (2008: 35,554 boepd)
• 131% reserves replacement ratio achieved.
• Net entitlement reserves at year end of 68.5 MMboe (2008: 66.6 MMboe)
• Five new Egyptian fields brought on production
• Two Egyptian exploration discoveries
• Successful appraisal drilling in Bulgaria confirming Kaliakra field commerciality
• Romanian farm-in agreement signed and resources upgrade
Robert Adair, Executive Chairman, commented:
“Melrose has again delivered a strong set of operating results in 2009 and we achieved a record level of production, underpinned by our core Egyptian fields and five new developments coming on stream. We also had success with our exploration and appraisal drilling program in Egypt and Bulgaria and it is very pleasing that we achieved a good reserves replacement ratio during a period when capital expenditures were somewhat reduced in response to the low oil prices experienced early in the year.”