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Melrose Resources H1 profit gushes higher
Wed, 08 Feb, 2012
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Melrose Resources H1 profit gushes higher
Tue, 17 Aug 2010, 07:49:00
Oil and gas explorer <b>Melrose Resources</b> reported a 30% rise in half yearly pre-tax profit, helped by higher oil prices, and expects to reveal increased production from its Bulgarian gas fields. For the six months ended 30 June pre-tax profit rose to $26.2m compared to $19.8m the same time a year before. Revenue increased 13% to $110m while working interest production climbed 13% to 40.1 mboepd. The group, which has operations in Turkey, Romania and Egypt, said it is continuing the development of the recent Kavarna and Kaliakra discoveries in the Bulgarian waters of the western Black Sea and expects production to follow in October. Melrose added that it was still waiting for final approval from the Romanian government to complete its acquisition of a 32.5% stake in the Midia and Pelican concessions offshore Romania. The group said it was confident of maintaining its 2010 production guidance at 40 Mboepd. Commenting on the results and outlook, chairman Robert Adair said, "The first half of 2010 proved to be an extremely positive period of development and I believe the outlook is equally strong."
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