Rights Issue Take-up

RNS Number:1492J
Melrose Resources PLC
25 March 2003

FOR IMMEDIATE RELEASE



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


                                                                  24 March 2003



                             Melrose Resources plc

                              Rights Issue take-up


Melrose Resources plc, the oil and gas exploration and production company with
interests in Bulgaria, Egypt and USA, today announces that, by 3.00 p.m. on 24
March 2003, the latest time and date for acceptance and payment in full for new
Ordinary Shares under the terms of the 19 for 11 Rights Issue announced on 30
January 2003, valid acceptances had been received in respect of 24,671,237 new
Ordinary Shares, representing approximately 87.1% of the total number of new
Ordinary Shares offered to shareholders.



A further 2,946,000 new Ordinary Shares have been placed at 50 pence per share
by Seymour Pierce on behalf of the Company in respect of new Ordinary Shares not
taken up under the Rights Issue. In aggregate, 97.5% of the new Ordinary Shares
offered in the Rights Issue have been subscribed for.



Total proceeds of the Rights Issue of #13.8 million will be used to repay
indebtedness and for working capital purposes.  Definitive share certificates
are expected to be dispatched by 31 March 2003.





For further information please contact


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

Noble & Company Limited
Alasdair Robinson                                                  0131 225 9677

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




Terms in this announcement shall bear the same meaning, unless the context
otherwise requires, as defined in the Prospectus dated 29 January 2003 in
respect of the Rights Issue.




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