Melrose Resources has agreed to farm out 30% of its equity in the Est Cobalcescu exploration concession to the Beach Petroleum subsidiary of Beach Energy.
Melrose Resources has agreed to farm out a proportion of its equity in the Black Sea Muridava (Ex-27) block offshore Romania to Midia Resources, a subsidiary of UK-Canadian company Sterling Resources.
Several recent exploration successes show there is still much to play for in the UKCS. With drilling maintaining the levels of the previous month, the outlook for 2010 is potentially as good as any year since 2006, except for 2008.
After nearly seven months of 2009, the number of UKCS exploration and appraisal well spuds stands at 24, with a further 17 sidetracks initiated since year start.
