Oil's Well for Melrose As Production Rises Lift Profits 61 Per Cent
Posted on: Friday, 31 March 2006, 15:00 CST
By NO BYLINE
MELROSE Resources, the Edinburgh-based oil and gas explorer, today reported a 61 per cent hike in underlying profits after a sharp rise in average daily production.
The firm, which has exploration interests in Bulgaria, Egypt, France and the United States, said the opportunities to "significantly" increase shareholder value were "considerable".
During 2005, Melrose made a major discovery in the Nile Delta as well as gaining a six-year extension to its El Mansoura Concession, also in Egypt.
Today's annual results revealed underlying earnings of around GBP 43.7 million, up from some GBP 27.2m last time.
Revenues in the 12 months to the end of December rose by a similar percentage while average daily production shot up 54 per cent. Chairman Robert Adair said: "2005 was another year of strong growth for Melrose.
"In Egypt we made the first oil discovery in the Nile Delta and identified an oil-bearing trend that may extend across our acreage.
"In Bulgaria, the early stage exploration drilling programme identified a number of positive indicators that give us confidence that the exploration potential in our acreage will be realised."
Shareholders are set to receive a final dividend of 1.5 pence per share, up from 1p.
Oil major BP said today it had signed contracts to provide more than 200 million litres a year of biofuels to Australian customers by 2008, taking the national government half way to its biofuels target.
Source: Evening News; Edinburgh (UK)
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