The Bulgarian Government granted Melrose exploration rights to Block Galata, an exploration concession which surrounds the Melrose operated Galata producing gas field. Following the formalization of the concession award, the Company expects to reduce its working interest in the Block to around 60% in order to share the exploration drilling risks and costs.
Block Galata is prospective in a number of geologic horizons and contains three gas prospects in the same Paleocene formation as the Galata field reservoir. These three prospects have a combined unrisked reserves potential of approximately 100 billion cubic feet and are medium risk.
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