Seascape Energy Regulatory News (SEA)

20 Apr 2006 09:42

Ramco Energy PLC20 April 2006 Ramco Energy plc ("Ramco") Ramco comments on recent press coverage Ramco notes today's press coverage initiated by plaintiffs Anglo Dutch Petroleumfollowing a court hearing in Texas earlier this week and its alleged impact onthe admission to trading on the AIM market of Ramco's subsidiary Lansdowne Oil& Gas plc ("Lansdowne"). • The directors of Lansdowne have confirmed to Ramco that their plansfor the admission to trading on the AIM market of the ordinary shares inLansdowne, by way of a placing of new ordinary shares, are unaffected by thecourt order. It is anticipated that admission will become effective and tradingin such ordinary shares will commence on AIM on 21 April 2006. • The press statement made by the plaintiffs, which has led to therecent press coverage is misleading, as the court order made no reference to theAIM admission of Lansdowne. Ramco confirms that it and Ramco Oil Limited ("ROL"), a wholly owned subsidiaryof Ramco, are the subject of a new court order in connection with the longrunning Tenge lawsuit. Ramco and ROL plan to comply with the court order today.The latest order is one of a series made by the court in the course of thecase in which a decision is awaited from the Texas Court of Appeals. 20 April 2006 ENQUIRIES: Ramco Energy plcSteven Bertram, Managing Director 01224 352 200 College Hill - LondonPaddy Blewer / Ben Brewerton 020 7457 2020 Background Following a jury verdict in October 2003, the Texas State Court issued a finaljudgement in April 2004 against Ramco Energy plc and Ramco Oil Limited andcertain other defendants in a case alleging breach of contract arising fromconfidentiality and non-circumvention obligations. These obligations had beenundertaken while Ramco was considering investment in an oilfield developmentproject in Kazakhstan which Ramco subsequently did not pursue. The principal elements of the judgement issued by the trial judge in April 2004were an award against Ramco for past and future damages of $6.4 million plusinterest and legal fees of $9.8 million. The award of legal fees was madejointly and severally against Ramco and its co-defendant Halliburton. Theplaintiff subsequently agreed a settlement with Halliburton which has beendismissed from the case. The recent court order and related proceedings arise from that judgement awardedin the Texas State Court. As reported in our interim results for 2005 issued on30 September 2005, the appeal and the plaintiff's cross-appeal, to theFourteenth Texas Court of Appeals were heard in Houston on 26 April 2005 and thecourt's decision is still awaited. This process may be followed by a furtherappeal by either party to the Texas Supreme Court. This information is provided by RNS The company news service from the London Stock Exchange