Melrose steps up E&P activity in western Black Sea

Offshore staff

EDINBURGH, UK -- Melrose Resources expects to drill the East Kaliakra gas prospect in the Bulgarian sector of the Black Sea next summer. The well will be drilled by a jackup contracted for development drilling on the adjacent Kaliakra field.

East Kaliakra contains unrisked reserves of 59 bcf, according to Melrose, and the well has a 34% chance of success. The company also plans exploration drilling in the Romanian sector, following its recent farm-in to Sterling Resources’ licenses.

Here the three top prospects for wells are the Clara, Gasca, and South East Midia structures, containing gross unrisked reserves of more than 0.5 tcf of gas and around 20 MMbbl of oil.

Much of Melrose’s planned development capex next year (around $51 million) will be directed at the Kaliakra and Kavarna fields in the Bulgarian sector, due onstream respectively on July 1 and Oct. 1, 2010. The company’s contingent budget includes provisions of $20.6 million for the Romanian sector Ana and Doina field developments, and $27 million to complete Phase 1 of the Galata gas storage conversion project (Bulgaria). 

12/18/2009