Melrose Resources plc, the oil and gas exploration, development and production company, today provides an update on its Muridava (Ex-27) exploration concession offshore Romania.
In line with its previously stated strategy, Melrose has agreed to farm-out a proportion of its equity in the Concession, and announces that the Romanian National Agency of Mineral Resources has formally approved the transfer of a 40 percent working interest in the block to Midia Resources SRL (“Midia”), a wholly-owned subsidiary of Sterling Resources Ltd. Midia holds interests in other nearby licences and the equity transfer will facilitate the capture of regional operating synergies.
Following completion of the transaction, Melrose will retain operatorship and a 40 percent interest in the Concession, with the remaining equity held by Midia (40 percent) and Petromar Resources SA (20 percent).
Commenting on today’s announcement, David Thomas, Chief Executive, said:
“Along with our adjoining Est Cobalcescu acreage, the Muridava block offers some exciting and material exploration potential in an underexplored region of the Black Sea. It makes sense, however, for the Company to share some of the investment risks on the seismic and multi-well drilling programme planned for the Concession over the next 3 years and we look forward to working with our new partnership.”
Melrose Resources, March 22, 2012