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Melrose upgrades output guidance

Melrose upgrades output guidance
MELROSE Resources, the Edinburgh-based oil and gas operator with interests in Egypt, Bulgaria, Romania America, France and Turkey, said yesterday that first-half production from existing fields and new Egyptian developments had beaten expectations.

MELROSE Resources, the Edinburgh-based oil and gas operator with interests in Egypt, Bulgaria, Romania America, France and Turkey, said yesterday that first-half production from existing fields and new Egyptian developments had beaten expectations.

Chairman Robert Adair said this allowed Melrose to upgrade full-year production guidance to 37,500 barrels of oil equivalent per day (boepd). Average daily first-half production was 34,600boepd.

Mr Adair, speaking after Melrose reported results for the six months to June 30, added: “We are also delivering some important business-development initiatives which will provide long-term value growth for shareholders and diversify the company’s asset portfolio.

“We are particularly excited about our new projects in the western Black Sea, which should generate a material uplift in both reserves and production in the short to medium term. In the meantime, our core assets are performing well and this should lead to improved results in the second half of the year assuming the oil price remains at reasonable levels.”

Melrose also said it had replaced more than 130% of its forecast full-year production to date this year.

The company reported sharply lower pre-tax profits of £11.99million for the half year against £81.3million a year earlier. Revenue was £59.15million despite higher production as oil and gas prices fell, compared with £141.82million the year before.

Oil prices dropped yesterday as rising stockpiles of US crude offset positive economic data. October crude in New York was down 62 cents at $71.43 a barrel while Brent crude fell 17 cents to $71.65.

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