PRESS RELEASE
23 JULY 2008
RAMCO ENERGY PLC
(“Ramco” or the “Company”)
Re Press Comment
Ramco Energy plc ("Ramco") notes the recent share price movements and articles in the media surrounding its associate company Mesopotamia Petroleum Company Limited (“MPC”), in which Ramco holds a 32.66% interest, concerning the establishment of a joint venture with the Government-owned Iraqi Drilling Company ("IDC").
Ramco confirms that MPC has been in talks concerning the establishment of a joint venture to provide oil services with IDC, under a mandate from the Iraq Ministry of Oil, for some considerable time and these have reached an advanced stage. MPC is pleased to see such positive reported comments from the Iraqi Minister of Oil, H.E Hussein Al-Shahristani. However, the establishment of the joint venture is still being finalised and requires ratification. A further announcement will be made in due course.
Steve Remp, Chairman of Ramco commented:
“As Chairman of MPC I am delighted that
we have made such substantial progress during our recent meetings in
Istanbul. This services joint venture is designed to accelerate Iraq’s
own efforts to boost its production in the near term. We look forward
to early ratification so that we can get on with the task at hand."
ENQUIRIES:
Ramco Energy plc - Aberdeen Tel: 01224
748480
Steven Bertram, Managing Director
John East & Partners Limited Tel: 020 7628
2200
David Worlidge
College Hill - London Tel: 020 7457 2020
Nick Elwes
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