PRESS RELEASE

26 FEBRUARY 2009

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

IRAQI GOVERNMENT SIGNS HISTORIC OIL SERVICES JOINT VENTURE AGREEMENT WITH BRITISH OIL AND GAS FIRM, MESOPOTAMIA PETROLEUM COMPANY (“MPC”)

Ramco Energy plc, the Aberdeen-based energy investment company, is pleased to announce that its associated company MPC and the Iraqi Drilling Company (“IDC”) the Iraqi state-owned drilling company have signed a joint venture (“JV”) agreement.

Highlights:

  • The JV will be known as Iraqi Oil Services Company LLC (“IOSCO”)
  • IOSCO will be 51% owned by IDC and 49% by MPC
  • IOSCO has been created for the purpose of drilling a large number of new wells – aiming to significantly increase oil and gas production in the Republic of Iraq
  • This is the Iraqi Ministry of Oil’s first joint venture agreement of its type signed with a foreign company since the fall of the regime of Saddam Hussein in 2003
  • MPC and IDC together intend to invest a total of US $400 million (£274 million) to enable IOSCO to purchase and operate 12 new drilling rigs and for the provision of working capital. The first tranche of investment will total US $90 million (£62 million)
  • MPC has appointed JPMorgan Cazenove, as its financial adviser and placement agent
  • IOSCO is committed to playing a leading role in developing local Iraqi expertise
  • Ramco Energy holds an 32.66% interest in MPC

 

Click here to view full release (PDF format)

 

ENQUIRIES:

Ramco Energy plc    Tel: 01224 748480
Steven Bertram, Managing Director

 

Ambrian Partners Limited   Tel: 020 7634 4700
Andrew Craig / Richard Swindells, Nominated Adviser and Broker

 

College Hill    Tel: 020 7457 2020
Nick Elwes, PR Consultant

 

 

 


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