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Share Name | Share Symbol | Market | Type |
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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 | |
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0.00 | 0.00% | 278.00 | 276.00 | 278.00 | 0.00 | 06:32:02 |
RNS Number:2798R Melrose Resources PLC 24 October 2003 FOR IMMEDIATE RELEASE 24 October 2003 Melrose Resources plc Galata platform float-out Melrose Resources plc, the oil and gas exploration and production company with interests in Bulgaria, Egypt and USA, announces that the Galata platform was floated out of the shipyard in Varna, Bulgaria, following an official ceremony on 21 October 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 Company also announces today that two new development leases have recently been approved in Egypt by the Minister of Petroleum covering the three gas field discoveries made earlier this year. The Mansoura Development Lease covers an area of 76.5 km2 and includes the South Batra and Mansouriya discoveries. The South Mansoura Development Lease covers an area of 29.4 km2 and includes the South Mansoura discovery. Development of all three of these fields is underway and all three fields are on schedule to be producing by early January 2004. Commenting on this, Robert Adair, Chairman, said: "This is an exciting time for the Company. We are making excellent progress with the development of the Galata Gas Field and also the three new fields in Egypt and we expect all of these fields to be on production by the end of January 2004." For further information please contact Melrose Resources plc David Curry, Chief Executive 0131 225 6678 Munro Sutherland, Finance Director 0131 225 6678 Chris Thomas, Corporate Development Director 0207 462 1600 Buchanan Communications Tim Thompson/Ben Willey 0207 466 5000 Notes to editors 1. The Galata Gas Field is located 19 km offshore in the Black Sea, Bulgaria; 2. The Galata Gas Field contains proved and probable reserves of 80 Bcf with a reserve life of 7 years; 3. Production is scheduled to commence in January 2004 at a peak winter-time rate of 53 MMcfpd; 4. 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; 5. Melrose, through its wholly owned subsidiary Petreco S.a.r.l., has a 100% working interest in the Galata Gas Field. This information is provided by RNS The company news service from the London Stock Exchange END MSCNKQKKDBDDPKB
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