Seascape Energy Regulatory News (SEA)

22 Feb 2006 07:01

Ramco Energy PLC22 February 2006 22nd February 2006 Ramco Energy plc ("Ramco" or "the Company") Ramco secures extensions to Irish Licences, and raises £750,000 for IrishExploration Assets Ramco is delighted to announce that the Irish Authorities have grantedextensions to the licensing options over the Company's four Celtic Sea interestsuntil 31 December 2006. Ramco has also placed its Irish exploration assets underthe control of a recently established subsidiary, Lansdowne Oil & Gas plc ("Lansdowne"), which has completed a £750,000 fundraising substantially withinstitutions. These funds will be utilised to complete the work programmes onits existing assets and to build Lansdowne's prospect inventory. The IrishAuthorities and Lansdowne's partners have approved the asset transfers toLansdowne. Assets The Irish exploration assets transferred to Lansdowne are Ramco's 19.25% carriedinterest in the Frontier Exploration Licence in the Donegal Basin, and itsinterests in four Celtic 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 the Seven Heads Oil prospect offers an appraisal opportunity ofan existing 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. Management Dr. Steve Boldy, who has 25 years experience in the industry, will beLansdowne's Chief Executive Officer. Steve spent almost 19 years at Amerada Hessbefore joining Ramco in 2003.The Fundraising The fundraising, which comprised the issue of 900,267 Convertible PreferenceShares of 25p each in Lansdowne, has raised £666,000 after costs. On conversion,the holders of the Convertible Preference Shares will hold approximately 4.7 percent. of the issued share capital of Lansdowne, subject to adjustment in certaincircumstances. The Convertible Preference Shares have been subscribed primarilyby institutions but Stephen Remp, a director of Ramco, and Steven Bertram, adirector of both Ramco and Lansdowne, have subscribed for £30,000 and £20,000 ofConvertible Preference Shares, respectively. Change of Nominated Adviser and Broker Ramco also announces that with immediate effect it has appointed John East &Partners Limited as its Nominated Adviser and Broker. Steven Bertram, Managing Director of Ramco, said: "We believe that Lansdowne has considerable potential; it has attractiveexploration assets, an established position in Ireland and an experiencedmanagement team. There is a mature prospect inventory and the first explorationwell is scheduled to be drilled in 2006 on the Donegal acreage, through whichLansdowne is carried." ENQUIRIES: Ramco Energy plcSteven Bertram,Managing Director 01224 352 200 College Hill - LondonNick Elwes / Ben Brewerton 020 7457 2020 This information is provided by RNS The company news service from the London Stock Exchange