Melrose Resources still wants to take over Sterling"s Romanian business

Ana Zidaru (Tradus de Cosmin Ghidoveanu)
Ziarul BURSA #English Section / 31 august 2009

Melrose Resources is still interested in taking over the controversial Sterling concession for the exploration and exploitation of oil and natural gas resources in the Black Sea. In its financial report for the first semester, management of "Melrose" says: "In March 2009, we signed a protocol with Sterling announcing our intention to enter the concessions in the Black Sea. We are now awaiting the approval of Romania"s government for this transaction".

In the same report, the management of "Melrose" notified its shareholders that it estimates expenses of 165 million dollars for the entire year 2009, for the expansion and development of its business in Egypt, Bulgaria and Romania. For 2010, the company intends will spend 195 million dollars, of which 60% for Romania and Bulgaria.

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