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Bulgaria slaps BGN 70,000 fine on Melrose Resources

Date: 25.10.2007

Bulgaria's anti-trust body has imposed a fine of BGN 70,000 on Melrose Resources Sarl, a Luxembourg-based subsidiary of the oil and natural-gas explorer, for the acquisition of a gas exploration site without its approval.

The company acquired a 100% stake in Vintage Petroleum Bulgaria in 2006, gaining 100% control over the rights for operations in the Bourgas Deep Sea exploration site.

The Commission for the Protection of Competition was not informed about the deal, as required by local legislation in mergers of companies with a turnover of over BGN 15 M.

In Bulgaria, Melrose Resources Plc, the Edinburgh-based company, is exploring in the Galata field and holds licenses for drilling in Rezovska, Izgrev, Obzor and Ropotamo sites. In the summer the company said it will abandon the last three wells.

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