Melrose Sheds Gbp 14m of Its Value On News of Plugged Bulgaria Well

The Scotsman › December 09, 2005

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Summary

MELROSE Resources saw almost GBP 14 million wiped off its market capitalisation yesterday after the Edinburgh-based oil and gas firm said an exploration well in Bulgaria had been plugged and abandoned, despite encountering small quantities of hydrocarbons.

Shares in the group fell 5 per cent, or 17.5p, to 337.75p - giving the group a market value of GBP 265.5m. Two months ago they hit a 12-month high of 445.25p.

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Extract

Melrose Sheds Gbp 14m of Its Value On News of Plugged Bulgaria Well

However, chairman Robert Adair said he remained confident...

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