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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 | 300.00 | 302.00 | 300.00 | 300.00 | 300.00 | 1 | 18:43:34 |
RNS Number:5520H Melrose Resources PLC 17 February 2003 17 February 2003 MELROSE RESOURCES PLC Significant Gas/Condensate Discovery in Egypt Melrose Resources plc, the oil and gas exploration and production company with interests in Egypt, Bulgaria and the USA, announces that the South Batra exploration well on the El Mansoura Concession in the onshore Nile Delta area of northern Egypt has reached a TD of 10,300 feet. Wire-line logs identified 151 feet gross (74 feet net) of good quality reservoir in Level III of the late Miocene, Abu Madi formation, and confirmed the presence of gas and condensate. Initial estimates indicate a potential most likely reserves figure of 150 Bcfe gross (Melrose has a 50% interest in this concession). Approximately ten feet (gross) of gas bearing reservoir was also logged in Level II of the Abu Madi, but this interval will not be tested in this well as the reservoir section is believed to be much thicker at another location on the structure. As a result, casing has been run and the well has been completed. The well has been flowed at three test rates from 17.8 to 31.2 MMcfpd and up to 506 bcpd (separator restricted). Well data is being re-integrated into the prospect evaluation in order to establish a more precise reserve volume and also to evaluate further a number of offsetting prospects within the Abu Madi channel system. The drilling rig will now move to the location of the South Mansoura No.1 well. This prospect is similar to the Pliocene El Mansoura No.3 discovery well, which was completed and tested in January 2002 and brought on production at a rate 12 MMcfpd (gross) as the South Bilqas Field in December 2002. The Bogdanov North well on Block 91-III offshore Bulgaria which was drilled to TD of 3,400 feet and has been plugged and abandoned as a dry hole. The well encountered 170 feet of good reservoir section compared with 82 feet in the Galata Field but no significant indication of gas. The Varna East and Varna West prospects on the same block are being re-assessed on the basis of the thicker reservoir section encountered in the Bogdanov North well. Commenting on this, Robert Adair, Chairman, said: "In Egypt, confirmation of the extension of the Abu Madi channel sand play into the El Mansoura Concession, from the East Delta Concession to the North, is very positive news. This result demonstrates the potential of a number of offsetting Abu Madi channel structures and establishes a second exploration play on the concession. Initial estimates of recoverable reserves are significantly in excess of our expectations. The planned South Mansoura No.1 well will target the original play in the Pliocene formation which was set up by the El Mansoura No.3 discovery. On the Bogdanov North well in Bulgaria, the thicker than expected reservoir section encountered maintains our interest in the other Galata trend prospects but our focus will now shift to the exploration prospects in the north of the concession, offsetting the onshore Tulenovo oil field." For further information please contact: Melrose Resources plc Robert Adair, Chairman 0131 225 6678 David Curry, Chief Executive 0131 225 6678 Chris Thomas, Corporate Development Director 0208 228 1810 Binns & Co PR Ltd Judith Parry/Sophie Morton 0113 242 1171 This information is provided by RNS The company news service from the London Stock Exchange END DRLNKAKPCBKDPBD
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