Offshore staff
EDINBURGH, UK -- Melrose Resources plc. is planning an exploration drilling program offshore Bulgaria for 2007.
The company holds 100% working interest in four exploration concessions in the Bulgarian portion of the Western Black Sea covering over 10,000 sq km (3,861 sq mi).
The company plans to begin a drilling program that includes three firm and two optional wells to be drilled by theAtwood Southern Cross semisubmersible, the, which is currently drilling in the Turkish waters of the Black Sea. Melrose has agreed that the rig will drill one further well for its current operator before mobilizing to Bulgarian waters.
The rig is expected to be on location for Melrose by late March and will drill the planned wells sequentially.
The first well will be the Izgrev No.1 exploration well, in the Bourgas Deep block. The well will be the first to be drilled in this area of the Black Sea. The prospect is 60 km (37 mi) offshore in 300 m (984 ft) water depth.
The second well will be Obzor No.1 in Block Kaliakra 99 in 650 m (2,133 ft) water depth also about 60 km (37 mi) offshore. The well is 35 km (22 mi) east of the Galata gas field, in which Melrose has 100% interest. The target is a potentially gas-filled Pliocene sandstone reservoir. The development of a discovery in this area would be able to make use of the production infrastructure which is in place at the Galata field.
The third well will be the Ropotamo No.1 exploration well in block Rezovska 45 km (28 mi) east of the Bulgarian coast in 160 m (525 ft) water depth. Ropotamo is a multi-target prospect with the main target being a potential sandstone reservoir interval in the Oligocene. Ropotamo No.1 will be the first well to be drilled in this region of the Black Sea.
Depending on drilling results, up to two further wells may be drilled.
"The planned drilling program offers are a very attractive balance between risk and reward. Success in one or more of these prospects would have a major impact on Melrose with the benefit lying not just in the intrinsic value of the discovery itself, but also in the effect it would have on the prospectivity of our concessions. The drilling program is the culmination of a major effort by our exploration team in acquiring and interpreting seismic and other scientific data and in generating and evaluating prospects on our acreage. The next few months promise to be very exciting for Melrose," says Robert Adair, executive chairman.
1/31/2007
