Melrose Installs Platform at Galata Field

Melrose Resources says that the Galata platform has been floated out of the shipyard in Varna, Bulgaria, following an official ceremony on October 21, 2003. The platform is now being installed on the Galata Gas Field, the jacket has been positioned on the seabed and piling has commenced. First production from the Galata Gas Field is scheduled for January 2004.

The Galata Field is located in the Black Sea approximately 19 kilometers offshore Bulgaria. The field contains proved and probable reserves of 80 Bcf with a reserve life of 7 years.

Gas will be delivered to the domestic grid at Provadia via an 85 km dedicated pipeline. The gas will be purchased by Bulgargaz, the state owned gas distribution and supply company, under a three year 'take-or-pay' contract.