Jul. 2012 - Melrose Resources has acquired 3D data over the central area of the offshore Galata Block and interpretation has confirmed the presence of a number of potential reservoir structures. A revised prospect inventory has been compiled and audited by the company's independent reserves assessors. The company said that seven structures have been identified in the area with a total combined unrisked P50 resource estimate of 125 Bcf. The highest ranked prospect is called Kamchia, which has an estimated P50 prospective resource of 27 Bcf and a chance of success of 40 percent. Preparations are underway to drill the well in 2013 as part of a multi-well rig program. The program will also include the completion of the Kavarna East discovery and two exploration wells in Romania. In the event of a discovery at the Kamchia prospect, the prospect would be developed as a subsea tie-back to the Galata field production platform.

May. 2012 - Melrose Resources has recently conducted a reservoir data acquisition program on the shut-in Galata field to confirm the remaining reserves and gather information required to update the gas storage feasibility study. The results of the program were positive and confirmed remaining reserves of at least 6 Bcf and more limited aquifer movement than previously predicted. Furthermore, the field data indicates that the field could be placed back on production as early as next year, which will be discussed with the Bulgarian authorities over the forthcoming months. The interpretation of the recent 3D seismic survey over the Galata Block is being finalized and a number of structures have been identified within three high graded areas in the central area of the concession. The interpretation is expected to complete in June when the Company will be in a position to provide details of the survey findings and confirm the future drilling plans. An independent prospective resource report is also being prepared for the block by the Company's reserves auditors.

Feb. 2012 - Melrose Resources is processing and interpreting new 3D seismic data acquired over the Galata block offshore Bulgaria, which is expected to be completed by the end of April 2012. The data will be used to update the prospect and lead inventory and to help formulate future drilling plans for the central area of the concession. The Galata Block houses the Galata and Kaliakra fields in the Black Sea.

Nov. 2011 - Melrose Resources has acquired 3D seismic data over the central region of the offshore Galata exploration licence. The operator received 126,518 acres (512 square kilometers) of data over the area, which contains the Chaika prospect with prospective resources of 80 Bcf and a 26 percent chance of success, as well as two other exploration leads. The Galata area lies in the western sector of the Black Sea. Melrose Resources wholly owns and operates the area.

Nov. 2011 - Melrose Resources is currently acquiring 3D seismic survey over the Galata exploration block in the western sector of the Black Sea. Approximately 123,553 acres (500 square kilometers) of data is being acquired over the central area of the concession, which contains the Chaika prospect, with prospective resources of 80 Bcf and a success rate of 26 percent. The concession reportedly contains two other exploration leads. Completion of the study is expected in late November. Melrose Resources wholly owns and operates the block.

Nov. 2010 - Melrose has commenced production from the Kavarna and Kaliakra gas fields, located offshore Bulgaria. Estimated to contain combined reserves in the amount of 74 Bcf, the gas fields should deliver a combined output of about 45 MMcf/d. Both fields were developed by a single subsea well tied-back to the existing Galata field production platform. Gas is then exported to the Company's onshore gas plant near Varna for processing. Furthermore, Melrose plans to implement a similar development to the nearby East Kavarna discovery, which could extend the combined field production plateau period to around three years. The Kavarna gas field is located in the Kavarna permit area of the Black Sea offshore Bulgaria, roughly 4 miles (7 kilometers) to the east of the Galata gas field and 5 miles (8 kilometers) to the west of the Kaliakra field. Melrose Resources wholly owns and operates the area.

Jul. 2010 - Melrose Resources found gas in the Galata Block offshore Bulgaria in the Kavarna East No. 1 well, which was drilled to test an exploration prospect about 6 miles (10 kilometers) to the east of the Galata production platform. The new gas discovery penetrated the top of the Paleocene reservoir interval at a depth of 2,753 feet (839 meters), encountering a net gas pay of 89 feet (27 meters) with an average porosity of 29%. The preliminary reserves estimate for the discovery is 12 Bcf, and is in-line with pre-drill estimates. The planned development for Kavarna East is to tie it back to the Kavarna subsea well location. Drilled by the Jupiter jackup, the rig will now install a subsea tree for the Kaliakra field development, and may then drill the Kaliakra East prospect. Melrose wholly owns and operates the discovery.

Jul. 2010 - The Jupiter jackup was mobilized to the Galata Block and commenced drilling operations on the Kavarna East exploration well. The well will test a low risk prospect located between the Kavarna and Kaliakra fields, containing gross recoverable prospective resources of 12 Bcf. If a discovery is made, the well will be developed and connected to the Kavarna field. Following the Kavarna East well, the jackup may also drill a well to test the Kaliakra East prospect, depending on seabed conditions. Additionally, the Bigfoot pipelay barge is scheduled to arrive on the Galata Block in early August to install flowlines on the Kavarna and Kaliakra gas field developments.

Dec. 2009 - Melrose announced plans to commence exploratory drilling on the East Kaliakra prospect in mid-2010, which is located in the Kavarna permit area of the Black Sea offshore Bulgaria. The prospect contains unrisked reserves of 59 Bcf. The operator also announced $51 million will be spent on developing the Kavarna and Kaliakra fields, which are due to commence production in early July and October, 2010, respectively. The two satellite fields, Kavarna and Kaliakra, will be tied-back to the Galata production facility, increasing Galata's production to 40,000 boepd.

Aug. 2009 - Melrose Resources provided an update on its appraisal drilling of the Kaliakra field in the Black Sea. The Kaliakra No. 2 well was successfully drilled to appraise the Kaliakra gas discovery, which is located approximately 9 miles (15 kilometers) east of the Melrose operated Galata field production platform. The well was drilled approximately 1.1 miles (1.8 kilometers) to the west of the original Kaliakra No.1 discovery well using the Prometeu jack-up drilling rig. Kaliakra No. 2 penetrated the top of the Paleocene reservoir interval at a depth of 2,679 feet (817 meters) and encountered 67 feet (20 meters) of net gas pay, which is substantially thicker than the net pay of 31 feet (9 meters) found in the Kaliakra No. 1 well. The results indicate that Kaliakra holds estimated reserves of 57 Bcf.