Egyptian delight for Melrose Resources.
Investors Chronicle - magazine and web content, October, 2007
New discoveries should spell upgrades Daniel O'Sullivan
Earnings upgrades look likely for Melrose Resources after the oil and gas explorer announced success on the first two of nine new exploration wells the company is drilling across its Egyptian licences. These should more than offset a small reserves downgrade on the near-depleted Galata gasfield offshore of Bulgaria, which Melrose is now considering converting into a gas storage facility.
The new discoveries bode well for reserve growth at Melrose's flagship assets, so the shares look good value at 310p.
GoodValue
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