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Article: Melrose Farms Into Black Sea Blocks.(Melrose Resources)(Brief article)
- Article from:
- NEFTE Compass
- Article date:
- March 10, 2009
CopyrightCOPYRIGHT 2009 Energy Intelligence Group. 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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London-listed Melrose Resources has signed an agreement to farm in to two Romanian offshore blocks held by Calgary-based Sterling Resources.
Melrose will earn a 32.5% interest in the Pelican XIII and Midia XV Blocks in the Black Sea in return for providing US$12 million of funding to Sterling when the transaction completes in the second quarter of 2009. Melrose will also carry Sterling for a proportion of their future development costs ranging between $63 million and $78 million, depending on the gas price achieved for the development projects.
Melrose Chief Executive David Thomas ...