Romania: Melrose signs on Black Sea blocks

By OGJ editors
HOUSTON, Mar. 10
-- Melrose Resources plc has signed the concession agreements for the EX-27 (Muridava) and EX-28 (Est Cobalcescu) offshore exploration blocks in the Black Sea.

The licenses total 2,000 sq km. Melrose has 80% interest and Petromar Resources SA has 20%.

The blocks have multiple exploration plays and are on trend with existing Pliocene and Miocene gas discoveries. They are covered by old regional 2D seismic data, and Muridava also has a 2001 gas and oil discovery, Olimpiskiyi, on which available data are limited. Olimpiskiyi will be appraised.

The licenses are for 3 years with an optional 3-year extension. The firm work program for each block is for 2D and 3D seismic acquisition in Year 1, one well in Year 2, and two wells in Year 3. Melrose may consider reducing its working interest in the blocks and expects to spend approximately $60 million net on exploration activities during the initial term.

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