Completion of 2 Share Issues provided additional working capital.
Outlook for remainder of 2004
Commenting on the results, Robert Adair, Chairman said:
'I am delighted that the progress made by Melrose over the last 18 months is now being reflected in notably improved financial performance. I expect a further significant improvement in the second half of 2004 which will include a full contribution from production from the Galata Gas Field.
The activities of the Group in the first half of the year focused on bringing the Galata Gas Field on production and the ongoing development of the South Batra field. We are delighted to have achieved the milestone of first gas production from Galata and to have secured a second gas sales contract which has enabled us to increase production above the rates originally planned. The South Batra development is on target to achieve gross production of 100 MMcfpd in January in 2005.
We have a busy period of exploration activity ahead. The El Mansoura 3-D seismic acquisition is ongoing and the arrival of the third drilling rig will allow us to step-up drilling activity in Egypt. A major 3-D seismic acquisition in Bulgaria starts in September with two exploration wells scheduled for September and October. I believe that the Group has assembled a portfolio of exploration prospects which is underpinned by relatively low-risk drilling but which offers significant upside.'
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