Melrose Strikes Gas at Kavarna Near Galata Offshore Bulgaria

Galata Development
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Melrose Resources has announced a successful exploration well offshore Bulgaria.

The Prometeu jackup rig is currently engaged in drilling operations on the Kavarna No.1 exploration well, which is located approximately 7 km to the east of the Melrose-operated Galata field gas field.

The well was drilled to total depth of 2,899 feet and encountered the top of the Paleocene reservoir target at a depth of 2,628 feet. The mud log obtained while drilling established that the reservoir formation was well developed and gas bearing and the initial reserves estimate for the discovery is 24 Bcf.

While conditioning the wellbore to run open-hole logs a strong gas influx occurred and for safety reasons it became necessary to plug the well which will immediately be re-drilled. The incremental costs associated with the remedial operations are estimated at $6 million, the majority of which is expected to be recovered from insurance.

Following the completion of operations on Kavarna, the Prometeu rig will be used to perform an extended well test on the GE3-Kaliakra No.1 discovery well announced earlier this year. The Kaliakra discovery is located approximately 15 km to the east of the Galata field and is estimated to contain reserves of up to 47 Bcf.

Kaliakra is being developed using a subsea tie-back to the Galata platform with first gas production scheduled for the third quarter 2009. Plans are also now being formulated for the development of the Kavarna discovery and first production is expected in 2010.

Commenting on the update, David Thomas, Chief Executive said, "We are very pleased with the result of the Kavarna No.1 well which significantly de-risks the remaining exploration potential in the geologic trend running from Galata to the Kaliakra discovery and beyond. We look forward to seeing the results of the Kaliakra well test later this year and we then have three additional prospects on the trend identified as potential drilling candidates in 2009 and 2010. The regional reserves potential, coupled with the planned Galata gas storage project, should add material value to the company going forward."

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