PRESS RELEASE

26 SEPTEMBER 2008

RAMCO ENERGY PLC
(“Ramco” or the “Company”)

Interim Results for the six months ended 30 June 2008

Ramco Energy, the Energy Investment Company with a dual focus strategy on oil and gas and renewable energy today announces its interim results for the half year ended 30 June 2008.

SeaEnergy Renewables: 88%

  • launched in June.
  • created to exploit global opportunities for large-scale offshore wind farm development.
  • engaged Royal Bank of Canada as financial adviser to assist funding requirements.
  • current focus on UK 3rd Round and Scottish round processes for the award of leases.

Ramco Oil and Gas: 100%

  • covers Group’s oil and gas assets outside Ireland and Iraq.
  • gas condensate discovery on A-Lovech block, Bulgaria, where royalty interest is held.

Eagle HC: 100%

  • acquired Eagle HC in May gaining first exposure to North Sea exploration acreage.
  • portfolio of nine royalties.
  • well and sidetrack on Block 21/8 drilled and discovered hydrocarbons.

Lansdowne Oil and Gas: AIM Listed 38.9%

  • seismic completed over Amergin Licence ahead of schedule and under budget.
  • seismic acquired over southern part of Midleton / East Kinsale Licence; acquired at farm-in partner’s cost.
  • awarded 40% interest in Barryroe Licensing Option.
  • updated reserves report to be published before year end.

Mesopotamia Petroleum Company: 32.7%

  • focussing on oil service opportunities in Iraq.
  • continuing discussions with Iraq’s Ministry of Oil towards concluding JV.

Financials:

  • Loss form continuing operations after tax of £1.2 million
  • Operating expenses were reduced to £1.1 million
  • Short term borrowing facility of £2 million secured
  • Net finance income increased to £57,000 in the first six months of 2008
  • Cash balances as at 30 June 2008 were £0.9 million

 

 

Steve Remp, Chairman of Ramco, said:

“We are delighted with the progress that we have made since we announced our new vision.

Our new strategy will provide us with involvement in some of the most exciting aspects of the future energy mix – renewables and Iraq – whilst maintaining exposure to our core established areas of focus.

This is an incredibly exciting time for the Company and one that we look forward to sharing with our shareholders.”

 

Click here to view full Report (PDF format)

 

ENQUIRIES:

Ramco Energy - Aberdeen    Tel: 01224 748480
Chris Moar, Finance Director

 

John East & Partners Limited   Tel: 020 7628 2200
David Worlidge

 

College Hill - London    Tel: 020 7457 2020
Nick Elwes
Paddy Blewer

 

 

 


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