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Melrose Resources subcontracts Black Sea concession

October 2012 - From the Print Edition

UK-based Melrose Resources has sublet 30 per cent of its equity in the Est Cobalcescu exploration concession in the Black Sea, to the local subsidiary of Australian-based Beach Energy. Beach will pay around USD 4.8 million to Melrose Resources, while the latter retains 40 per cent working interest in the concession. Meanwhile, Beach and Romanian Petromar Resources each hold a 30 per cent stake in the concession offshore Romania. "Both licenses offer material exploration potential in an under-explored region of the Black Sea, however, it is prudent at this stage to share some of the investment risks on the multi-well drilling program planned on the blocks over the next two years," said David Thomas, chief executive officer of Melrose Resources, quoted by Wall-Street.ro. The oil firms plans two wells in 2013 and four wells in 2014. The deal is pending approval from the Romanian National Agency of Mineral Resources.



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