Melrose Picks Up Acreage in Egypt in Turkey
Melrose Resources and its joint venture partners, Hellenic and Oil Search, were awarded the Egyptian Mesaha concession at a ceremony attended by his Excellency the Minister of Petroleum, Eng. Sameh Fahmy. The concession, which covers an unexplored sedimentary basin, is bounded by the Sudanese border in Upper Egypt and has an area of 57,000 square kilometers. The initial exploration period is 4 years and the license can be extended to cover a maximum of 9 years. The gross financial commitment is $14.3 million and Melrose holds a 40% operated working interest in the block.
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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