Mixed news from oil and gas firm Melrose Resources

image captionMelrose has operations in Egypt, Bulgaria, Romania and Turkey

The oil and gas explorer Melrose Resources has reported a 6% decline in 3rd quarter output but has raised its expectations for the year.

The Edinburgh-based firm said its Egyptian gas fields were performing strongly and would boost full-year production.

Melrose has operations in Egypt, Bulgaria, Romania and Turkey.

The explorer was awarded two new licences in Romania in July and said it expected to start exploration in 2011.

Melrose also said 2011 production would probably reflect at least a 5% rise from 2010.

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