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Article: Melrose Resources cruising on crude.
- Article from:
- Investors Chronicle - magazine and web content
- Article date:
- August 28, 2008
CopyrightCOPYRIGHT 2008 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Daniel O'Sullivan
TIP UPDATE: First oil production from Egypt was well worth the wait
The first half of 2008 certainly lived up to expectations for Melrose Resources. Long-trailed as the first period in which the company would benefit from oil production on its flagship Egyptian licences, the black stuff could not have appeared at a better time for prices. Earnings accordingly were ahead of expectations, also boosted by costs that were significantly below forecasts.
The focus now is on boosting oil production from the West Dikirnis field from around 8,000 barrels per day (bpd) to 10,000bpd with the drilling of a new horizontal well by ...