Melrose Resources declared its interim results for the six month period ended 30 June 2011.

Operational highlights

average production increased by 23 percent to 20.2 Mboepd on a net entitlement basis (equivalent to 38.0 Mboepd on a working interest basis) 3D seismic interpretation completed on the South East Mansoura concession (Egypt) confirming Cretaceous oil play potential 2D seismic acquisition completed on the Mesaha (Egypt) and Rhône Maritime (France) frontier exploration concessions operations on the South West Kanun (Turkey) exploration well are nearing completion with no oil shows yet encountered concession Agreements signed for the Muridava and Est Cobalcescu licences (Romania) entered into a two year extension on the Galata Block exploration concession (Bulgaria) Financial highlights

revenue increased to $155.8 million (H1 2010: $110.0 million) EBITDAX increased to $134.4 million (H1 2010: $86.3 million) profit after tax increased to $33.2 million (H1 2010: $4.1 million) net debt reduced to $367.3 million (H1 2010: $459.6 million) financial gearing of 107 percent (H1 2010: 140 percent)

Robert Adair, executive chairman commented: "The first half of 2011 represented an important turning point for the Company, with the production revenues from our two core areas in Egypt and Bulgaria allowing us to progress a number of high potential exploration initiatives.

"The Company has delivered a strong financial performance and our underlying profitability has continued to improve whilst we have made a major step towards reducing financial gearing.

"We look forward to making further progress in continuing to grow as a diversified, well balanced exploration and production company."

Tags: Melrose Resources plc