UK Melrose to explore oil field in Bulgaria

The oil and gas exploration and production company said that the proceeds from the fundraising will be used for exploration and development activities in Egypt and Bulgaria.
The company is planning to drill up to eight exploration wells on the El Mansoura concession in Egypt and at least one exploration well on Block 91-III in Bulgaria in 2004.

Chairman Robert Adair said that recent seismic work has provided further confirmation that Melrose's interests in both Egypt and Bulgaria are highly prospective and that the placing funds will allow the company to speed up development in these countries.