Melrose Wins New Concession in Egypt
Melrose Resources plc has learned that it is the successful bidder for a new exploration block in Egypt in the bidding round for new concessions organized by the Ganoub El Wadi Petroleum Holding Company ("GANOPE"). Subject to final Government approval and to completion of documentation, Melrose as the operator will acquire a 40% working interest in the new Mesaha Concession. Melrose's partners in the new concession will be Hellenic Petroleum S.A. and Oil Search Limited, who will each acquire a 30% working interest. The Mesaha Concession covers an area of 56,930 km2 and is located in the south-west corner of the Western Desert in Upper Egypt on the border with Sudan.
Melrose has also made an application in the EGAS bid round in Egypt for the Tanta block which adjoins its existing Egypt operations, with the results of the award expected later this month.
Commenting on this, Robert Adair, Chairman, said:
"We are very pleased to have been awarded this substantial new concession area in Upper Egypt. The block is frontier acreage but has considerable potential for the discovery of liquid hydrocarbons and represents a great opportunity for us. Melrose is looking forward to working with GANOPE and our partners in this venture. The new block will complement the lower risk exploration activity of our current concessions in Egypt and it will add materially to our portfolio of Egyptian exploration assets."
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