Melrose Resources Plc said its third-quarter production rose about 25 percent, driven partly by strong performance from its Egyptian fields, and raised its working interest production forecast for 2009.
TheBritish oil and gas explorer said its third quarter production totalled 7.8 billion cubic feet of gas (bcf) and 420,000 barrels of oil and condensate on a net entitlement basis.
The company raised its working interest production forecast for 2009 to 38.5 thousand barrels of oil equivalent per day (mboepd) from 37.5 mboepd forecast in August to reflect the additional gas production expected from West Dikirnis project in Egypt in the last quarter of the year. Melrose said the P50 reserves estimate for the Kaliakra No.2 well field in Bulgaria has increased to 57 bcf as the well encountered a net gas pay interval substantially thicker than that found in the original discovery well. The company said the well results also helped to confirm the Kavarna field reserves estimate of 24 bcf and upgrade the prospectivity on the Galata/Kaliakra geologic trend. The undrilled Kavarna East prospect has been largely de-risked and holds estimated reserves of 19 bcf with a chance of success of more than 80 percent, Melrose said.
Melrose shares were down 3 percent at 330 pence at 0855 GMT. (Reporting by Kumar Alagappan in Bangalore; Editing by Anil D'Silva)