PRESS RELEASE

29 JUNE 2006

Preliminary Results for the year ending 31 December 2005

Ramco Energy plc ("Ramco" or the Company)

 

2005 Highlights

• Turnover of £13.7 million (2004: £41.9 million), reflecting lower gas production from Seven Heads
• Profit after tax of £1.8 million (2004: loss of £3.4 million)
• Disposal of Oil Services division and repayment of recourse debt

 

 

 

Post Balance Sheet events

• Sale of interest in Seven Heads gas field
• Extension of Irish licensing Options
• Creation and listing on AIM of Lansdowne Oil & Gas
• Ramco retains an interest of 86.25%
• Raised £298,000 through the issue of new equity
• Successful appeal in Tenge lawsuit
• Sale of office building in Aberdeen concluded raising £1.5 million

 

 

 

 

 

Turnaround strategy being implemented

• Focus on current operations in Ireland, Montenegro and Bulgaria
• Initiation of new ventures – potential focus in Middle East and Caspian Sea
• Company now almost debt free

 

 

 

Steve Remp, Chairman of Ramco, commented:

“This has been an immensely challenging period for Ramco. At times our future was in doubt, but we have remained resolute and determined.

We have an exciting turnaround strategy in place and are returning to our exploration roots which brought us so much success in the nineties. With the exciting portfolio of assets that we are involved in and with the new ventures that we are planning to embark upon, Ramco is now able, for the first time in two years, to look to the future with a renewed confidence.”

 

Click here to view the full preliminary results reports (PDF format).

 

ENQUIRIES:

Ramco Energy - Aberdeen    Tel: 01224 352 200
Steve Remp, Executive Chairman
Steven Bertram, Managing Director

College Hill - London    Tel: 020 7457 2020
Nick Elwes

Ramco Energy plc
62 Queen's Road
Aberdeen
AB15 4YE
United Kingdom
Tel: +44 1224 352 200
Fax: +44 1224 352 211