Page last updated at 11:51 GMT, Friday, 5 February 2010

Melrose makes Egyptian gas find

Oil drilling platform
Melrose Resources operates in six countries around the world

Edinburgh-based exploration company Melrose Resources has made a new gas discovery at a well in northern Egypt.

The group made the find after drilling almost a mile down at the South Damas exploration well in South East Mansoura.

Melrose said the reservoirs were good and in line with expectations.

The preliminary estimate has put the discovery at 30 billion cubic feet equivalent (bcfe), which was in line with the pre-drill analysis.

The company, which holds a 100% working interest in the well, said the capital cost of preparing for production, including putting in the pipeline, would be $3.3m.

It plans to drill another well in the South East Mansoura concession.

Melrose also plans to drill an exploration well in the fourth quarter 2010 at its Mesaha block in Egypt.

Melrose Resources which has its headquarters in Edinburgh also has interests in Bulgaria, Romania, the United States, Turkey and France.



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