Melrose Resources Wins Egyptian Concession
Melrose Resources has been notified that it is the successful bidder for a new exploration block in Egypt in the bidding round for new concessions organized by the Egyptian General Petroleum Corporation. Subject to final Government approval and to completion of documentation, Melrose and its partner, Merlon Petroleum Corporation, will each acquire a 50% working interest in the new South East El Mansoura Concession. The South East El Mansoura Concession covers an area of 3,730 km(2) and lies to the south and south-east of the El Mansoura Concession (920 km(2)).
Commenting on this, Robert Adair, Chairman, said:
'We are very pleased to have been awarded this substantial new concession area adjacent to the El Mansoura Concession where we have established production and we are enjoying continuing exploration success. We believe that the exploration fairways which we have been following on El Mansoura continue into the northern part of the new concession. We look forward to applying the knowledge and experience which we have gained in the area to the new concession and we hope that it will add materially to the prospectivity of our Egyptian exploration assets.'
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