Result of Equity Issue

RNS Number:9174O
Melrose Resources PLC
21 August 2003



FOR IMMEDIATE RELEASE


                                                                  21 August 2003

               Melrose Resources plc ("Melrose" or "the Company")

                 Placing and Open Offer to raise #18.1 million

Melrose Resources plc, the oil and gas exploration, development and production
company with interests in Bulgaria, Egypt and USA, announces that, by 3.00 p.m.
on 19 August 2003, the latest time and date for acceptance and payment in full
for New Ordinary Shares under the terms of the 3 for 10 Open Offer announced on
25 July 2003, valid acceptances had been received in respect of 12,408,483 Open
Offer Shares, representing approximately 94% of the total number of Open Offer
Shares offered to shareholders. In addition, the Company's Stockbroker, Seymour
Pierce, has placed 6,000,000 New Ordinary Shares with institutional and other
investors.

The resolutions to increase the authorised share capital of the Company and to
authorise the Directors to allot relevant securities in connection with the
Placing and Open Offer (as set out in the Notice of Extraordinary General
Meeting dated 28 July 2003) were duly passed at the Extraordinary General
Meeting of the Company held earlier today.

It is expected that Admission will become effective and that dealings in the New
Ordinary Shares will commence at 8.00 a.m. on 22 August 2003 and definitive
share certificates are expected to be dispatched by 29 August 2003.

Total proceeds of the Placing and Open Offer of #18.1 million (net of expenses)
will be used to provide additional working capital, inter alia, to enable the
Company to continue its successful exploration and development activities in
Egypt.

For further information please contact:


Melrose Resources plc                                  0131 225 6678
Robert Adair, Chairman                                 0131 225 6678
David Curry, Chief Executive                           0207 462 1600
Chris Thomas, Corporate Development Director

Seymour Pierce Limited
Jonathan Wright/ John Depasquale                       0207 107 8000

Buchanan Communications
Tim Thompson/Ben Willey                                0207 466 5000


Terms in this announcement shall bear the same meaning, unless the context
otherwise requires, as defined in the Prospectus dated 28 July 2003 in respect
of the Placing and Open Offer.




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            The company news service from the London Stock Exchange

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