Offshore southern France license operatorship switch delayed

Melrose Resources’ application to extend its Rhône Maritime exploration license offshore southern France, and to transfer operatorship to Noble Energy, is being held up by the French authorities.

Offshore staff

EDINBURGH, UK -- Melrose Resources’ application to extend its Rhône Maritime exploration license offshore southern France, and to transfer operatorship to Noble Energy, is being held up by the French authorities.

This may be due to political developments in the run-up to France’s recent French presidential election. Melrose is seeking clarification from the relevant government agencies.

In the Bulgarian sector of the Black Sea, the company recently acquired reservoir data over the shut-inGalata field to compile information for an offshore gas storage feasibility study.

Results were positive, confirming remaining reserves of at least 6 bcf and more limited aquifer movement than previously predicted. Additionally, analysis suggests production from the field could be restored next year. Melrose plans to discuss this scenario with the Bulgarian authorities.

In the Romanian offshore sector to the north, Melrose agreed to farm out a 40% interest in its Muridava concession to a subsidiary of Sterling Resources, and it may also farm, out 30% in the neighboring Est Cobalcescu concession.

Work is due to start next month on a 1,920-sq km (741-sq mi)3D seismic survey over both blocks.

5/17/2012

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