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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