Edinburgh-based Melrose Resources has said it is to focus its oil exploration activity on prospects in Bulgaria, Romania and Turkey while it looks to pull out of the United States.

"We are delighted to have been the successful bidder for two high quality exploration blocks offshore Romania and this represents an important milestone for the company as we seek to establish the country as a long term core investment area,“ David Thomas, Melrose Resource's chief executive, said.

"We are also pleased with progress on our exploration work programs in Bulgaria and Turkey."

The company has won the right to explore in 2,000 square kilometres of Black Sea shallow waters off the coast of Romania. This includes one area where oil has been discovered but not extracted.

Melrose plans to spend GBP 40 M over the first three years of the concession, and will have an 80% stake in the venture, along with Petromar Resources.

The company said it is looking to sell its interests in Texas and New Mexico within the next nine months so that t can focus on prospects in Romania, Bulgaria, Turkey and Egypt.

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