SEA.L Regulatory News (SEA)

5 Apr 2006 10:22

Ramco Energy PLC05 April 2006 Ramco Energy plc("Ramco") (or "the Company") Lansdowne Oil & Gas plc to seek admission on AIM market Further to the announcement on 22 February 2006, Ramco is delighted to announcethat its subsidiary, Lansdowne Oil & Gas plc ("Lansdowne"), is to seek admissionof its ordinary shares to the AIM market, raising £1.6 million before expenses,based on a pre-admission valuation of £16.1 million. On admission, Ramco will hold 86.48% of the ordinary shares in Lansdowne. It is anticipated that Lansdowne's ordinary shares will commence trading on orabout 21 April 2006. Lansdowne Board John Greenall, former head of corporate broking at Investec, will be Lansdowne'sNon-Executive Chairman with Dr. Steve Boldy, Lansdowne's Chief ExecutiveOfficer. Chris Moar, Company Secretary at Ramco will combine his role at Ramcowith that of Finance Director and Company Secretary of Lansdowne. ViscountTorrington, a geologist and Steven Bertram Ramco's Managing Director will act asNon-Executive Directors of Lansdowne. Steven Bertram, Managing Director of Ramco, said: "We are pleased with the valuation Lansdowne has achieved, and believe that itendorses our view that Lansdowne has an exciting and well balanced portfolio ofassets. Its first exploration well is scheduled to be drilled this summer on theDonegal acreage, through which Lansdowne is carried." 5 April ENQUIRIES: Ramco Energy plcSteven Bertram, Managing Director 01224 352 200 College Hill - LondonNick Elwes / Ben Brewerton 020 7457 2020 Note to Editors The Irish exploration assets held by Lansdowne are a 19.25% carried interest ina Frontier Exploration Licence in the Donegal Basin, and interests in fourCeltic Sea Licensing Options, Midleton (100%), Rosscarbery (77%), East Kinsale(100%) and Seven Heads Oil (74%). The Lansdowne exploration portfolio provides a balance between the large higherrisk Inishbeg prospect, offshore Donegal and the smaller, but lower risk, gasopportunities in the Celtic Sea, close to existing infrastructure. In addition,the interest in Seven Heads Oil prospect offers an appraisal opportunity of anexisting oil discovery. Lansdowne's strategy is to focus on shallow water exploration and appraisalopportunities on the Irish continental shelf. Lansdowne is in the process ofseeking farm-in partners for those prospects not already subject to farm-outarrangements, with a view to retaining a 15 - 30% non-operated interest throughsuch arrangements. Lansdowne's objective is to progress a multi-well programmein 2006 / 2007. Drilling is planned to commence with an exploration well on theInishbeg prospect in the Donegal Basin, through which Lansdowne is carried, insummer this year. This information is provided by RNS The company news service from the London Stock Exchange