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Melrose Resources plc provided an update on its Muridava (Ex-27) exploration concession offshore Romania.
Melrose has agreed to farm-out a proportion of its equity in the Concession, and announced that the Romanian National Agency of Mineral Resources has formally approved the transfer of a 40 percent working interest in the block to Midia Resources SRL ("Midia"), a wholly-owned subsidiary of Sterling Resources Ltd. Midia holds interests in other nearby licenses and the equity transfer will facilitate the capture of regional operating synergies.
Following completion of the transaction, Melrose will retain operatorship and a 40 percent interest in the Concession, with the remaining equity held by Midia (40 percent) and Petromar Resources SA (20 percent).
Commenting on the announcement, David Thomas, chief executive, said, "Along with our adjoining Est Cobalcescu acreage, the Muridava block offers some exciting and material exploration potential in an underexplored region of the Black Sea. It makes sense, however, for the Company to share some of the investment risks on the seismic and multi-well drilling program planned for the Concession over the next 3 years and we look forward to working with our new partnership."
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