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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Morningstar Inc | TG:MRS | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.00 | 0.67% | 300.00 | 298.00 | 300.00 | 300.00 | 300.00 | 300.00 | 1 | 08:11:13 |
RNS Number:2552M Melrose Resources PLC 12 June 2003 FOR IMMEDIATE RELEASE 12 June 2003 MELROSE RESOURCES PLC AGM announcement Melrose Resources plc announces that at the Annual General Meeting today, the shareholders of the Company approved all of the resolutions put before the meeting. At the meeting Robert Adair, Chairman, gave the following update of recent activity and of the outlook for the Group. "I am very pleased to report significant further achievements by the Group in recent months. "In Bulgaria, construction work on the production platform for the Galata field continues and we are on schedule for first production in January 2004 at rates of around 40 MMcfpd. "In the USA, we have now commenced an active drilling programme out of cashflow: two wells have recently been drilled on the Jalmat Unit and are scheduled for completion this month. The initial indications are encouraging and we expect our daily production in the USA to increase to over 800 boepd once these wells are on production, which represents an increase of over 30% since last year end. These good results confirm the exploitation upside of our US assets. Further drilling is planned for the remainder of this year. "We are very excited about our exploration success on the El Mansoura concession in Egypt with the recently announced third consecutive discovery in the shallow Pliocene formation. We have also confirmed that the Miocene discovery which we announced in February is now much bigger than originally believed. We expect gross production from the concessions in Egypt of around 100 MMcfepd by the first quarter of next year, increasing to over 150 MMcfepd in 2005. In 2006, gross production from fields already discovered in Egypt is expected to be over 200 MMcfepd. "I believe that El Mansoura is now proving to be a major league exploration concession. We have only just begun to prove up the potential of the first two horizons on the concession. The deeper Oligocene structures, where reserves could be significantly greater, are still to be tested. Prospects and leads have already been identified on the concession with targets totalling over 2.5 Tcf. This year in Egypt we have added net reserves of around 70 Bcfe which compares with our net reserves in Egypt at the beginning of the year of 13 Bcfe. "By 2005, we anticipate that total Group net production from existing fields in all areas should exceed 70 MMcfepd (11,600 boepd) with additional production expected from success in the planned exploration programme. We have the potential, therefore, to dramatically increase reserves and production over the next few years and hence shareholder value." For further information please contact: Melrose Resources plc Robert Adair , Chairman 0184 553 7037 David Curry, Chief Executive 0131 225 6678 Chris Thomas, Corporate Development Director 0207 462 1600 Binns & Co PR Ltd Ben Willey 020 7786 2812 This information is provided by RNS The company news service from the London Stock Exchange END AGMFTMTTMMIBBIJ
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