5 April 2006
Ramco Energy plc (“Ramco” or “the Company”)
Lansdowne Oil & Gas plc to seek admission on AIM market
Further to the announcement on 22 February 2006, Ramco is delighted to announce that its subsidiary, Lansdowne Oil & Gas plc (“Lansdowne”), is to seek admission of its ordinary shares to the AIM market, raising £1.6 million before expenses, based on a pre-admission valuation of £16.1 million.
On admission, Ramco will hold 86.48% of the ordinary shares in Lansdowne.
It is anticipated that Lansdowne’s ordinary shares will commence trading on or about 21 April 2006.
John Greenall, former head of corporate broking at Investec, will be Lansdowne’s Non-Executive Chairman with Dr. Steve Boldy, Lansdowne’s Chief Executive Officer. Chris Moar, Company Secretary at Ramco will combine his role at Ramco with that of Finance Director and Company Secretary of Lansdowne. Viscount Torrington, a geologist and Steven Bertram Ramco’s Managing Director will act as Non-Executive Directors of Lansdowne.
Steven Bertram, Managing Director of Ramco, said:
We are pleased with the valuation Lansdowne has achieved, and believe that it endorses our view that Lansdowne has an exciting and well balanced portfolio of assets. Its first exploration well is scheduled to be drilled this summer on the Donegal acreage, through which Lansdowne is carried.
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Ramco Energy plc
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Note to Editors
The Irish exploration assets held by Lansdowne are a 19.25% carried interest in a Frontier Exploration Licence in the Donegal Basin, and interests in four Celtic Sea Licensing Options, Midleton (100%), Rosscarbery (77%), East Kinsale (100%) and Seven Heads Oil (74%).
The Lansdowne exploration portfolio provides a balance between the large higher risk Inishbeg prospect, offshore Donegal and the smaller, but lower risk, gas opportunities in the Celtic Sea, close to existing infrastructure. In addition, the interest in Seven Heads Oil prospect offers an appraisal opportunity of an existing oil discovery.
Lansdowne’s strategy is to focus on shallow water exploration and appraisal opportunities on the Irish continental shelf. Lansdowne is in the process of seeking farm-in partners for those prospects not already subject to farm-out arrangements, with a view to retaining a 15-30% non-operated interest through such arrangements.‚ Lansdowne’s objective is to progress a multi-well programme in 2006 / 2007. Drilling is planned to commence with an exploration well on the Inishbeg prospect in the Donegal Basin, through which Lansdowne is carried, in summer this year.