Melrose Runs Seismic Survey in Western Black Sea

Melrose provided an update on its operations in Bulgaria, Romania and Egypt.

Bulgaria

The Company has commenced the acquisition of the planned 3D seismic survey on the Galata exploration block in the Western Black Sea. Approximately 500 square kilometers of seismic data will be acquired over the central area of the concession which contains the Chaika prospect, with prospective resources of 80 Bcf (P50) and a chance of success of 26 percent, and two other exploration leads. The survey is expected to be completed in late November.

Romania

Following the signature of the Concession Agreements for the Muridava (EX-27) and Est Cobalcescu (EX-28) offshore exploration licenses in March this year, Melrose has received formal notification from the Romanian Government that the agreements have been ratified by the Council of Ministers with an effective date of October 24, 2011.

The Company is currently preparing to issue tenders to acquire approximately 900 kilometers of 2D and 1300 square kilometers of 3D seismic data over the two blocks in the summer of 2012. The main focus of the Muridava acquisition program will be Eocene and Cretaceous leads and prospects located in the same play as the existing Olimpiskiyi discovery and Lebada oil fields. The East Cobalcescu survey will target the Miocene and Pliocene gas plays on trend with the Cobalcescu, Ana and Doina discoveries.

Egypt

The North East Abu Zahra-2 production well has been successfully drilled at the crest of the reservoir structure. The well was drilled as a high angle well bore to maximize gas productivity and will be perforated across 112 feet of high quality sandstone with an average porosity of 17 percent. The well will shortly be tied back for production and will be flowed at a restricted rate of approximately 15 MMcfpd to maximize gas recovery.

Some operational delays were experienced whilst drilling the North East Abu Zahra-2 well which may impact the sequencing of the near term drilling program with the EDC-9 drill rig. The rig will move next to drill the West Khillala-8 horizontal production well prior to drilling either the South Khilala-2 production well or relocating to the South East Mansoura concession to drill the Hajarisah-1 exploration well to test the Cretaceous oil play.

Commenting on the update, David Thomas, Melrose's Chief Executive said, "We are pleased with the operational progress being made in the Western Black Sea and Egypt and, in particular, the formal ratification of our two new exploration concessions offshore Romania represents an important step forward for the Company. We view the licenses as highly prospective and will be moving forward rapidly with our planned exploration work program on the blocks next year."

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