Melrose Resources PLC, Edinburgh, plans to proceed with exploration, development, production, and gas storage projects on the western Black Sea shelf off Bulgaria and Romania in 2010.
About $55 million of the company’s $169 million 2010 capital budget is contingent on receipt of government approvals to take the planned farmout of the Midia XV and Pelican XIII concessions off Romania and to initiate the Galata gas storage project off Bulgaria. Melrose Resources would become operator of the Romanian concessions with 32.5% interest.
Exploratory drillsites off Romania will be selected from three good quality prospects, namely, Clara, Gasca (also known as Eugenia), and South East Midia (also known as Ioana), which contain combined gross unrisked potential of over 500 bcf of gas and around 20 million bbl of oil.
The company plans to start production from Kavarna and Kaliakra gas fields off Bulgaria at 20 MMcfd and 25 MMcfd, respectively, from a respective 24 bcf and 57 bcf recoverable.
Kavarna and Kaliakra fields are due on production July 1 and Oct. 1. The contingent budget includes $20.6 million for the Ana and Doina field developments off Romania and $27 million to complete Phase 1 of the Galata gas storage project off Bulgaria. Combined expected recovery from Ana and Doina is 288 bcf.
Galata, with estimated ultimate recovery of 74 bcf, was shut-in in January 2009 when 90% depleted.
Off Bulgaria, Melrose Resources will drill the East Kaliakra exploration prospect in midyear while a jack up is at hand to complete the Kaliakra development well. The prospect, judged to have a 34% chance of success at an unrisked 59 bcf, is adjacent to Kaliakra field.
The company plans to shoot 500 sq km of 3D seismic but conduct no further exploratory drilling off Bulgaria in 2010.
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