PRESS RELEASE

15 FEBRUARY 2005

RAMCO AND HELLENIC RESTRUCTURE RELATIONSHIP OFFSHORE MONTENEGRO

Ramco Energy plc (Ramco), the Aberdeen based independent exploration and production company, announces that its wholly owned subsidiaries Medusa (Montenegro) Limited and Medusa Oil & Gas Limited have reached agreement to restructure their exploration interests in the Adriatic Sea offshore Montenegro.

In the restructuring agreement with Hellenic Petroleum SA (Hellenic) of Greece, Ramco has agreed to exchange its interests in all three blocks for an option to rejoin the acreage after the first exploration well has been drilled.

Ramco through its subsidiaries holds a 40% interest in all three blocks offshore Montenegro and has undertaken certain obligations to fund an exploration well and other technical work.

These obligations will be undertaken by Hellenic, and the related Ramco performance bond will be released, following the completion of negotiations with the Government of Montenegro and completion of other legal formalities required to transfer the interests in the blocks.

Following the drilling of an exploration well on the acreage Ramco will have 120 days to elect to rejoin the acreage for an interest of up to 15% in all of the blocks. Ramco’s past costs in Montenegro will be taken into consideration in the calculation of the exercise price for the interest in the event that it elects to exercise the option.

ENQUIRIES:

Ramco Energy - Aberdeen
Steven Bertram, Group Financial Director Tel: 01224 352 200

College Hill - London
Nick Elwes 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