In Southeast Turkey Melrose and its joint-venture partner, GYP, were awarded eight exploration concessions in the South Mardin basin on the border with Syria. These concessions cover a combined area of 3,910 square kilometers and the initial exploration period is 4 years, with two optional 2 year extensions. The gross financial commitment is $5 million and Melrose holds a 75% operated working interest in the concessions.
These new frontier exploration initiatives have limited capital commitments and are consistent with Melrose's strategy of maintaining a balanced portfolio which includes geologically diversified, high potential exploration assets.
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