Seascape Energy Regulatory News (SEA)

15 Mar 2007 16:11

Lansdowne Oil & Gas plc15 March 2007 15 March, 2007 LANSDOWNE OIL & GAS plc Notification of change in major interest in shares Lansdowne Oil & Gas plc ("the Company"), announces that it was notified on 15March 2007, under the Disclosure and Transparency Rules, that following areorganisation within its parent company, Ramco Energy plc, Ramco HiberniaLimited ("Ramco Hibernia"), a wholly-owned subsidiary of Ramco Energy plc, isnow the holder of 17,953,308 ordinary shares of 5p each representing 86.25 percent. of the issued share capital and the voting rights of the Company. These shares were previously held by Ramco Oil & Gas Limited ("ROGL")(12,240,264 ordinary shares representing 58.8 per cent. of the share capital andvoting rights) and Ramco Eastern Europe Limited ("REEL") (5,713,044 ordinaryshares representing 27.45 per cent. of the share capital and voting rights).Both companies are also wholly-owned subsidiaries of Ramco Energy plc. Theultimate ownership of these shares of the Company remains unchanged by thistransaction. ROGL and REEL are parties to a Relationship Agreement with the Company, enteredinto at the time the Company joined the Alternative Investment Market ("AIM") inApril 2006.The Company's Nominated Adviser, John East & Partners Limited, hasgiven written consent to the transfer as required by the Relationship Agreement. Ramco Hibernia has entered into a Deed of Variation with respect to theRelationship Agreement ensuring that Ramco Hibernia takes on all the rights andobligations of ROGL and REEL with effect from the date of transfer of the saidshares by ROGL and REEL to Hibernia. Under these agreements Ramco Hibernia hasundertaken that it will exercise its voting rights so as to ensure (so far as itis able by the exercise of such rights) the continued independence of themajority of the Board, that any transactions between persons or companiescontrolled by Ramco (to the extent that there are any such transactions in thefuture) will be at arms' length and that it will not vote (as shareholder orDirector) in relation to any such transaction. In addition, Ramco Hibernia has undertaken to John East & Partners and theCompany, to accept the following obligations which ROG and REEL had undertakenunder the AIM rules. Ramco Hibernia may not to dispose of any interests inOrdinary Shares (subject to certain limited exceptions) until 21 April 2007 andthat for a further period of 12 months it will not dispose of any such interestswithout the prior written consent of John East & Partners, such consent not tobe unreasonably withheld or delayed. ENQUIRIES: Lansdowne Oil & Gas plc Chris Moar, Finance Director 01224 748 480John East & Partners LimitedDavid Worlidge / Simon Clements 020 7628 2200 www.lansdowneoilandgas.com This information is provided by RNS The company news service from the London Stock Exchange