PRESS RELEASE

09 JUNE 2009

Preliminary Results for the year ending 31 December 2008

Ramco Energy, the Energy Opportunity Company with a dual focus strategy on oil and gas and renewable energy today announces its preliminary results for the year ended 31 December 2008.

 

Operational highlights:

  • SeaEnergy Renewables launched:
    • Successful JVs established with Scottish & Southern Energy & RWE npower renewables to bid in first Scottish offshore wind round
    • Gained two sites from Scottish Round, securing 456MW of potential offshore wind net to SeaEnergy

  • Further JV established with EDPR and bids submitted in the UK Third Round
  • Historic JV signed between Mesopotamia Petroleum Company and Government owned Iraqi Drilling Company to create Iraqi Oilfield Service Company (“IOSCO”)
  • Lansdowne Oil & Gas updated CPR confirms enhanced resources

 

Financial highlights:

  • Loss for the year of £3.4 million, reflecting seven months of SeaEnergy overheads (2007: profit of £0.5 million, including gains on transactions in Lansdowne shares of £3.8 million)
  • Gross loss reduced to £nil (2007: £1.0 million)
  • Warrants exercised during the year raised £0.7 for the company, with a further £1.02 million raised post balance sheet through further warrant exercises
  • Raised £1.65million before expenses through placing, post balance sheet

 

Ramco’s expertise:

  • SeaEnergy team is to date the only team in the world who have installed wind turbines in water depths of over 40 metres
  • Ramco oil services background provides skill set for both offshore wind and services in Iraq
  • Ramco has a proven track record in building successful consortia / JVs partnering large Companies and governments

 

Outlook:

  • Results from UK Third Round licensing programme, in which SeaEnergy & EDP Renewables JV have tendered for zones, expected by end of 2009
  • Results of Strategic Environmental Assessments of sites won in Scottish Round expected quarter 1 2010
  • MPC, through IOSCO, have submitted two separate tender bids for the drilling of 60 wells in total
  • Further acreage awarded to Lansdowne Oil & Gas in North Celtic Sea

 

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

 

ENQUIRIES:

Ramco Energy - Aberdeen    Tel: 01224 748480
Steven Bertram, Managing Director

 

Ambrian Partners   Tel: 020 7634 4700
Andrew Craig / Richard Swindells

 

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