PRESS RELEASE
08 DECEMBER 2008
RAMCO ENERGY PLC
(“Ramco” or the “Company”)
Mesopotamia Petroleum Company Limited - Update
Ramco Energy plc (“Ramco”), the Aberdeen based energy investment company, is pleased to provide an update on the progress of Mesopotamia Petroleum Company Limited (“MPC”), its 32.7% owned associated company.
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.
MPC and Ramco Chairman Steve Remp said,
“It was an honour to attend the conference in Baghdad and for Pete Redman, MPC’s Deputy Chairman and I to be introduced to the conference by the Director General of IDC. We also had the benefit of meeting with other leading figures from the Iraqi Oil Ministry who all confirmed their interest in an early start to the joint venture.
Whilst significant challenges remain in concluding formal agreements and arrangements for operating in Iraq, the current low oil price environment produces an enormous incentive and urgency to commence operations in order to help increase Iraqi oil production.
Our joint venture with IDC is all about Iraq maintaining sovereignty over its natural resources while having access to the latest in drilling technology and management practices."
ENQUIRIES:
Ramco Energy plc - Aberdeen Tel: 01224
748480
Steven Bertram, Managing Director
Mesopotamia Petroleum Company Limited Tel: 020 7930
0777
Rupert Pittman, Cardew Group
John East & Partners Limited Tel: 020 7628
2200
David Worlidge
College Hill - London Tel: 020 7457 2020
Nick Elwes
Ramco Energy plc
Britannia House
Endeavour Drive
Arnhall Business Park
Westhill
Aberdeenshire
AB32 6UF
United Kingdom
Tel: +44 (0)1224 748480
Fax: +44 (0)1224 748481