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Melrose Resources Cessation of Farm-in Agreement

Source: www.gulfoilandgas.com 11/1/2010, Location: Europe

Melrose Resources plc, the oil and gas exploration, development and production company, was notified by Sterling Resources Limited that Sterling has withdrawn the request previously made to the Romanian National Agency for Mineral Resources to assign a 32.5 percent working interest in the Pelican and Midia blocks to Melrose. The Company is currently reviewing the implications of this unforeseen event on its future business plans.

Commenting on the update, David Thomas, Melrose's Chief Executive said: "We understand that this recent development is in response to the protracted delay experienced securing the assignment approval, which has impeded development and exploration activity on the concessions. Whilst it is a disappointing outcome, we retain a positive outlook on our other Western Black Sea initiatives and will be providing an operational update on these and other areas in the near future."

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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