Melrose Resources has reported that the Varna West exploration well, drilled within Block 91-III offshore Bulgaria, has been plugged and abandoned as a dry hole.

The UK-located gas drilling company Melrose has 100% ownership of the license.

The well was drilled to the top of the Cretaceous Venchan/Russe formation to a total depth of 1,032 meters, a company press release announced. The main Kalaika reservoir section was encountered between 940-958 m, but ended to be of low porosity and permeability.

Consideration is now being given to extending the 3-D seismic survey, currently being acquired in the area immediately to the south of Varna West, to cover the Varna East prospect in order to give a direct comparison with the Galata structure before an exploration well is drilled on this structure.

Early test lines are indicating excellent data quality and confirmation of the extensive channel systems in the area of the survey. The survey should be complete before the end of October and interpretable data will be available by early December.

"The Varna West result is a disappointment but does not condemn the prospectivity of the remaining Galata Trend exploration prospects", Melrose's Chairman Robert Adair commented. "We are delighted by the excellent early results from the 3-D survey and we remain on schedule to drill an exploration schedule to drill an exploration well on a channel system prospect by late second quarter 2005."

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