Melrose Resources Received Two-Year Extension On The License

The Council of Ministers extended Melrose Resources Ltd Luxemburg license for search and exploration of oil and gas within the area of Kaliakra 99 for two more years, the government information service announced.

This is the second extension on this license. The company implemented its operation program for the two-year period of the first extension. The government also reduced the area of the bloc from 2510 to 2412

The search and exploration work will be at the expense of the license holder and during the two years of the second extension 9.47 mln dollars will be invested in exploration activities.

In order to ensure the implementation of its commitments on environmental sustainability the license holder has to present a bank guarantee valid for the full period of the extension in the amount of 10 per cent of the value of the operation program.

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