Melrose Reports Offshore Bulgaria Duster

Melrose Resources plc on Tuesday released an update on the results of its continued drilling program in the Black Sea, offshore Bulgaria.

The Ropotamo No.1 exploration well reached a total depth of 1,837m in Lower Eocene sandstones on May 6, 2007. High gas shows were reported during drilling in a Lower Pliocene to Miocene aged sequence between 750m and 825m. The well took a substantial kick while drilling at 813m, and wireline logs indicated a potential reservoir sequence of thin interbedded clastics and porous dolomites in this sequence.

An open-hole inflow test was conducted over the interval from 750m to 920m and the well flowed both gas and water at steady flow rates of approximately 40 Mcfpd and 2,200 bpd, respectively, on a 32/64" choke. A second open-hole inflow test was conducted over an interval from 750m to 797m in an attempt to isolate the gas from the underlying water. No formation fluids were flowed during this test and analysis of the test results is ongoing.

The Eocene sandstones, which formed the primary exploration target for the well, were encountered but were water wet with minor traces of dead oil. The well is currently being plugged and abandoned. The well results will be reviewed in the months ahead in order to fully understand the remaining potential in the area.

The semi-submersible drilling rig, the Atwood Southern Cross, will now move to the Obzor No.1 location in Block Kaliakra 99 approximately 65 km southeast of the city of Varna in water depths of around 650m. The main targets in Obzor No.1 are of Pliocene age and are defined by large amplitude and AVO anomalies. P50 gas-in-place potential for the Obzor No.1 prospect is 158 Bcf. However, if successful, there are a large number of follow-up accumulations with a mean in-place potential of 1.0 Tcf.

Robert Adair, Melrose's Executive Chairman, said:

"The Ropotamo well was the highest risk well in our program. While the result is disappointing, the presence of hydrocarbons confirms the merit of drilling the prospect. We now move to the Obzor prospect which is the closest of our prospects to the Galata field and to the hydrocarbon-bearing channels which we have encountered in previous drilling."

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