Melrose Resources announced its annual results for the year ended December 31, 2009.
Robert Adair, Executive Chairman, commented, "Melrose has again delivered a strong set of operating results in 2009 and we achieved a record level of production, underpinned by our core Egyptian fields and five new developments coming on stream. We also had success with our exploration and appraisal drilling program in Egypt and Bulgaria and it is very pleasing that we achieved a good reserves replacement ratio during a period when capital expenditures were somewhat reduced in response to the low oil prices experienced early in the year. Our financial performance also proved resilient with strong levels of turnover and EBITDAX.
We now look forward to 2010 when we plan to bring two new Bulgarian gas fields on stream and to progress our other gas developments in the Western Black Sea towards project sanction. These new investments will add significant value to the Company and help rebalance the portfolio by diversifying the Company's production and revenue streams. We will also be dedicating an increased proportion of our capital budget, around 30%, to exploration initiatives and have an active seismic and drilling program planned in our core and frontier exploration areas."
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