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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Management Resource Solutions Plc | LSE:MRS | London | Ordinary Share | GB00B8BL4R23 | ORD EUR0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.30 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:0448Y Melrose Resources PLC 27 April 2004 FOR IMMEDIATE RELEASE 27 April 2004 MELROSE RESOURCES PLC Galata Offshore Pipeline Melrose Resources plc is pleased to announce that the offshore platform and facilities and all onshore pipelines and process facilities at the Galata field development have been completed. However, during final pressure testing of the offshore pipeline a minor leak was detected when the line was pressured to its full operating pressure of 125 bar (1,875 psi). It has taken a few days to identify the precise location of the leak, which was finally pinpointed on 20 April. Steps are now being taken to make the repair, which Melrose believes is the financial responsibility of the pipeline contractor. Inevitably the repair will take some time but every effort is being made to have the field on production as soon as possible: first production is now targeted for late May. A further announcement will be made when the field is on production. Commenting on this, Robert Adair, Chairman, said: "The short delay caused by the need for this repair is frustrating, especially having suffered an earlier delay to the offshore line caused by storm damage. However, there is little impact on the fundamental economics of the Galata project. The development will have been completed in less than fourteen months which is a considerable achievement by our project team. The completion of the project will also open up the considerable potential of the further exploration opportunities both on the Galata trend, where potential reserves vary from 50 to 100 Bcf, and also in the channel play in the south of Block 91-III and Block Kaliakra 99, where potential reserves are well in excess of 1 Tcf . We intend to test both of these plays with exploration wells planned for the third quarter of this year. For further information please contact: Melrose Resources plc Robert Adair , Chairman 0184 553 7037 David Curry, Chief Executive 0131 221 3360 Munro Sutherland, Finance Director 0131 221 3360 Buchanan Communications Ben Willey 0207 466 5000 Tim Thompson This information is provided by RNS The company news service from the London Stock Exchange END MSCUBUORSRRSUAR
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