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8 Dec 2008 08:14
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Ramco Energy plcΒ
Mesopotamia PetroleumΒ CompanyΒ LimitedΒ -Β Update
Aberdeen,Β ScotlandΒ -Β 8 December 2008:
RamcoΒ Energy plc ("Ramco"),Β theΒ AberdeenΒ basedΒ energyΒ investmentΒ company,Β is pleased to provide an update onΒ the progress ofΒ Mesopotamia PetroleumΒ CompanyΒ Limited ("MPC"), its 32.7% owned associated company.Β
Representatives of MPC have just returned from attending the landmark Iraq Energy Expo & Conference in Baghdad. During the conference Mr Idriss Al-Yassiri, Director General of Iraq Drilling Company ("IDC") announced that the text of the joint venture agreement between IDC and MPC had been agreed by all parties and the only remaining condition is final approval by the Government of Iraq.Β
MPC and Ramco ChairmanΒ Steve RempΒ said,Β
"It was an honour to attend the conference inΒ BaghdadΒ and for Pete Redman, MPC's Deputy Chairman and I to be introducedΒ to the conference by the Director GeneralΒ ofΒ IDC. We also had the benefit of meeting with otherΒ leading figuresΒ from the Iraqi Oil MinistryΒ who all confirmed their interest in an early start to the joint venture.
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Whilst significant challenges remain in concludingΒ formalΒ agreementsΒ and arrangements forΒ operating inΒ Iraq, theΒ currentΒ low oil price environment produces an enormous incentive and urgency to commence operations in order toΒ helpΒ increase Iraqi oil production.
Our joint venture withΒ IDCΒ is all aboutΒ IraqΒ maintaining sovereignty overΒ itsΒ natural resourcesΒ while havingΒ accessΒ toΒ the latest in drilling technology and management practices."
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8Β December 2008
ENQUIRIES:
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Ramco Energy plcΒ |
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Steven Bertram |
Managing Director |
01224 748480 |
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MesopotamiaΒ PetroleumΒ |
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Rupert Pittman |
Cardew Group |
020 7930 0777 |
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John East & Partners Limited |
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David Worlidge |
020 7628 2200 |
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College HillΒ |
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Nick ElwesΒ |
020 7457 2020 |
www.mesopotamiapetroleum.com
www.ramco-plc.comΒ
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