Melrose gets approval to develop Bulgarian gas field

Oil and gas explorer Melrose Resources Plc on Friday said it got approval from the Bulgarian government to develop the Kavarna gas field, which has estimated reserves of 24 billion cubic feet (bcf).

The company, which is trying to accelerate its gas projects in Bulgaria and Romania, expects the Kavarna field to be on stream by July 1, 2010.

Melrose also applied with the Bulgarian government for commercialization of the Kaliakra field reserves of 57 bcf and sees gas production to begin by October next year.

Chief Executive David Thomas said, “We are also looking forward to an active near-term exploration program in Egypt with some important wells to drill in the Nile Delta and 2-D seismic to acquire in the Mesaha block.”

Melrose holds a 40 percent working interest in the Mesaha block and expects to spud the first exploration well in the region in late 2010.

The company’s South Khilala field in Egypt, which has estimated reserves of 36 bcf, began production on Oct. 16.

Shares of the company closed at 334.30 pence Thursday on the London Stock Exchange.

(Source: Reuters)

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