PRESS RELEASE
30 JUNE 2008
RAMCO ENERGY PLC
(“Ramco” or the “Company”)
Final results for the year ended 31 December 2007
New strategy implemented – Ramco Energy, the Energy Investment Company, dual focus strategy on oil and gas and renewable energy:
- Lansdowne Oil & Gas – spun off from Ramco in 2006 focusing on Ireland; considerable progress has already been made with new licence awards and its first acquisition last December of Milesian Oil & Gas, further widening its portfolio.
- North Sea – through the acquisition in May 2008 of Eagle HC Ramco gained its first exposure to North Sea exploration acreage. The portfolio of nine royalties includes the 21/8-3 well, announced as a discovery in late 2007 by Lundin, in UKCS Block 21/8. A further well is currently drilling on that acreage.
- Mesopotamia Petroleum Company – focusing on oil service opportunities in Iraq, an area which will undoubtedly be one of the major growth stories as the country opens up to western technology.
- SeaEnergy Renewables – created to exploit global opportunities for large-scale offshore wind farm development, securing the only team in the world with a deepwater offshore wind farm track record.
Financials:
- First full year under International Financial Reporting Standards
- Profit attributable to shareholders for the financial year of £0.5m (2006: loss of £5.7m)
- Gross loss fell to £1.0m (2006: loss of £4.0m)
- Gain on sale of interest in Lansdowne Oil and Gas of £3.8m
- Write down in relation to Montenegro of £0.8m
- Cash balance as at 31 December 2007 of £2.1m
- Short term borrowing facility of £2m agreed
Steve Remp, Chairman of Ramco, said:
“The past year has been invigorating, focusing as
we have for the first time in several years, on new activities rather than
past problems.
It's been frustrating not being able to share with shareholders our efforts
and progress at laying the foundations for our planned recovery and
turnaround. It was best to keep our powder dry until we had achieved
material results.
My vision is that Ramco will be a player in both renewable energy and in
Iraq and I will do my utmost to make that happen. For just one of these
initiatives to emerge as a success would be a notable achievement in
itself.”
Click here to view full Report (PDF format)
ENQUIRIES:
Ramco Energy - Aberdeen Tel: 01224 748480
Chris Moar, Finance Director
John East & Partners Limited Tel: 020 7628 2200
Simon Clements
Bidhi Bhoma
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