EGM Statement

RNS Number:8966H
Melrose Resources PLC
24 February 2003


FOR IMMEDIATE RELEASE


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES,
CANADA, JAPAN, AUSTRALIA, SOUTH AFRICA OR EIRE.


                                                                24 February 2003

                             MELROSE RESOURCES PLC


    EGM approves Rights Issue to raise up to #13.9 million (net of expenses)


Melrose Resources plc, the oil and gas exploration, development and production
company with interests in Bulgaria, Egypt and the USA, today announces that the
resolutions to increase the authorised share capital of the Company and to
authorise the Directors to allot relevant securities in connection with the
Rights Issue (as set out in the Notice of Extraordinary General Meeting dated 29
January 2003) were duly passed at the Extraordinary General Meeting of the
Company held earlier today.

Provisional allotment letters in respect of entitlement to New Ordinary Shares
pursuant to the Rights Issue will be posted to Qualifying non-CREST shareholders
other than overseas shareholders on 26 February 2003. It is expected that Nil
Paid Rights will be credited to the stock accounts of Qualifying CREST
Shareholders with effect from 8.00am on 27 February 2003.

It is expected that Admission will become effective and that dealings in the New
Ordinary Shares, nil paid, will commence at 8.00 a.m. on 27 February 2003.

The latest time and date for acceptance and payment in full for new Ordinary
Shares under the Rights Issue is 3.00 p.m. on 24 March 2003 and dealings in the
New Ordinary Shares, fully paid, will commence at 8.00 am on 25 March 2003.


Melrose Resources plc                                           0131 225 6678
Robert Adair, Chairman                                          0131 225 6678
David Curry, Chief Executive                                    0208 228 1810
Chris Thomas, Corporate Development Director

Noble & Company Ltd
Alasdair Robinson                                               0131 225 9677

Binns & Co PR Ltd
Judith Parry/Sophie Morton                                      0113 242 1171


This announcement does not constitute or form part of, and should not be
construed as, an offer for sale or subscription for, or the solicitation of an
offer to buy or subscribe for, the Nil Paid Rights, the Fully Paid Rights, or
the New Ordinary Shares of Melrose Resources plc nor should it, or any part of
it, form the basis of, or be relied on in connection with any contract or
commitment whatsoever. Any decision in connection with the Rights Issue should
be made solely on the basis of the information contained in the Prospectus dated
29 January 2003.

This announcement is not for publication or distribution or release, directly or
indirectly, in the United States, Canada, Japan, Australia, South Africa or
Eire. The Nil Paid Rights, the Fully Paid Rights, the New Ordinary Shares and
the Provisional Allotment Letters have not been, and will not be, registered
under the US Securities Act of 1933 (as amended).

Noble & Company Limited, which is regulated in the United Kingdom by the
Financial Services Authority, is acting for Melrose Resources plc, and no one
else, in connection with the Rights Issue and will not be responsible to any
other person other than Melrose Resources plc for providing the protections
afforded to their respective clients or for providing advice in relation to the
Rights Issue or the New Ordinary Shares.

Defined terms used in this announcement shall bear the same meaning, unless the
context otherwise requires, as defined in the Prospectus in connection with the
Rights Issue.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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