PRESS RELEASE
12 OCTOBER 2004
RAMCO ADDS EXPLORATION ACREAGE OFFSHORE MONTENEGRO
Ramco Energy plc (Ramco), the Aberdeen based independent exploration and production company, announces that its wholly owned subsidiary Medusa (Montenegro) Limited (Medusa) has joined Jugopetrol Kotor (JPK) and Hellenic Petroleum S.A. (Hellenic) of Greece in the Prevlaka exploration blocks 1 and 2 offshore Montenegro.
JPK already holds a 49% interest in these blocks and Hellenic and Medusa have acquired the interest of Star Petroleum Holdings Limited. The extensive acreage (4,500 sq km) in the Adriatic Sea lies immediately to the north of the Ulcinj block 3 where Ramco, JPK and Hellenic have been working together for some time.
In the Prevlaka blocks in which JPK now holds 49%, Hellenic 11% and Medusa 40%, the companies will shortly commence work on a technical work programme designed to capitalise on the extensive geological knowledge they have gained from their recent 3D seismic survey over parts of the Ulcinj block.
The Company is also pleased to confirm the return to work, initially on a part-time basis, of its Executive Chairman, Steve Remp, who is recovering from recent surgery.
Dan Stover, Ramco’s Chief Operating Officer, said “The Prevlaka acreage adds to the already exciting oil and gas potential of our Ulcinj block. Ramco looks forward to working with our partners and the Government of Montenegro in exploration of the offshore waters of Montenegro.”
Map 1: Ramco Exploration Acreage, offshore Montenegro
ENQUIRIES:
Ramco Energy - Aberdeen
Steven Bertram, Group Financial Director Tel: 01224 352 200
College Hill - London
Ben Brewerton Tel: 020 7457 2020
Fleishman - Hilllard Saunders - Dublin
Michael Parker Tel: 00353 1 618 8450
Ramco Energy plc
62 Queen's Road
Aberdeen
AB15 4YE
United Kingdom
Tel: +44 1224 352 200
Fax: +44 1224 352 211