Melrose Resources has raised its full-year 2009 production target from 34,000 barrels of oil equivalent per day (boepd) to 37,500 boepd on a working interest (pre-government share) basis. This reflects two material fields in Egypt coming onstream three months ahead of schedule - and outperforming.
Melrose has also enjoyed success with the drill bit, including two exploration discoveries in Egypt. In Bulgaria, appraisal drilling has confirmed around 100bn cubic feet of gas to develop, around one-and-a-half times the volume produced by the successful Galata field that is now being turned into a gas storage facility.
Gas storage discussions with the Bulgarian government are progressing slower than Melrose would like, as are discussions with the Romanian government concerning the acquisition of two substantial offshore concessions, but the group remains confident both talks will conclude successfully.
