PRESS RELEASE
27 JUNE 2007
Preliminary Results for the year ending 31 December 2006
Ramco Energy plc ("Ramco" or the Company)
Operations:
- Creation and AIM listing of Lansdowne Oil & Gas plc (“Lansdowne”), incorporating the Company’s Irish portfolio; Ramco retained an 86% interest
- Lansdowne Celtic Sea projects remain robust following updated RPS report
- Sale of Bulgarian assets for $1.45million in cash and ongoing 0.1% royalty on all future production
Financials:
- Loss of £5.7million
- Full provision made over Ulcinj, Montenegro, resulting in a write down of £4.0million
- Sale of property for £1.5million
- At 31 December 2006 cash of £2million
Post Balance Sheet Highlights
- Conclusion of Tenge Lawsuit in Ramco’s favour
- Raised £2.6million through divestiture of 25% of Lansdowne. Ramco now holds 61% of Lansdowne’s issued share capital.
Steve Remp, Chairman of Ramco, said:
“2006 has been a frustrating yet pivotal year for the company and post the year end we finally reached the successful conclusion in the long running Tenge case; the red tape surrounding which has hampered our attempts to move forward.
With Tenge over, we can now begin to accelerate our turnaround strategy. We have the funding in place and a highly experienced team who have worked together for many years. Our strategy is to return to what Ramco does best: frontier exploration and deal making.
We are evaluating a number of exciting projects currently and are confident that these will provide Ramco the impetus to move forwards again and create value for our shareholders.”
Click here to view the full preliminary results reports (PDF format).
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