PRESS RELEASE
20 SEPTEMBER 2007
RAMCO ENERGY PLC
(“Ramco” or the “Company”)
Interim Results for the half year ended 30 June 2007
Operations:
- Lansdowne Oil & Gas (“Lansdowne”), awarded two exploration licences in the Celtic Sea. Ramco hold 61% of Lansdowne.
- £500,000 of funding secured for Mesopotamia Petroleum Company (“MPC”) – formed to secure a position in Iraq, MPC to accelerate its strategy. Ramco retain 32.67% of MPC.
Financials:
- After tax profit of £127,000 from continuing operations
- First results under International Financial Reporting Standards
- Raised £2.6million through divestiture of 25% of Lansdowne
- At 30 June 2007 cash balances of £3.6 million
Corporate:
- Steve Lampe of Lampe Conway in New York joins the board as a Non – Executive Director
Steve Remp, Chairman of Ramco, commented:
“The first half of the year has seen sustained progress in our turnaround strategy. The end of the Tenge lawsuit in April cleared the way for new activity to begin. Our involvement in MPC is the first new activity and the securing of funding for that venture provides us with some very exciting opportunities, despite the ongoing volatility and uncertainty in Iraq, one of the world’s most prolific hydrocarbon provinces.
Lansdowne continues its dialogue with potential farm-in partners and the award of the new licences allow it to move ahead with the planning of a drilling programme in the Celtic Sea.”
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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