Melrose Announces Bulgarian Duster

Melrose Resources plc on Monday provided an update on its drilling programme in the Black Sea, offshore Bulgaria.

The Obzor No.1 exploration well reached a total depth of 1,326 m on 10 June 2007. High gas shows were observed while drilling the Pliocene target interval and the initial petrophysical evaluation indicated the presence of porous zones with potential gas saturations. Unfortunately, subsequent formation pressure measurements and sidewall cores established that the interval was not a good reservoir sequence and mainly comprised low permeability shales and siltstones.

The well is currently being plugged and abandoned and the Atwood Southern Cross semi-submersible rig will be released to duty with another operator. The well results will be reviewed over the months ahead in order to fully understand the remaining potential of the Kaliakra 99 licence.

David Thomas, Melrose's Chief Executive, said:

"The Obzor No.1 well is the last of the three deep-water wells in Melrose's 2007 exploration programme in the Black Sea. Similar to the previous two wells, the well encountered strong gas shows indicating the presence of an active hydrocarbon system in the region. There was, however, insufficient reservoir pay to justify a flow test. We will now fully assess the implications of these well results on our exploration strategy in the area and, in the interim, focus on our near-term exploration drilling programme on Egypt and North America."

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