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Share Name | Share Symbol | Market | Type |
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Rosss Spa | BIT:ROS | Italy | Ordinary Share |
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0.00 | 0.00% | 0.00 | - |
RNS Number:8872M Ramco Energy PLC 27 June 2003 27 June 2003 RAMCO ENERGY plc ("Ramco" or "the Company") AGM Statement The following statement was made by Ramco's Executive Chairman, Steve Remp, at the Company's Annual General Meeting held today. "During 2002, the Board undertook a comprehensive strategic review, as a result of which, Ramco is now focused on developing a small number of gas projects, which we believe offer the company significant upside with reduced risk. We have made considerable progress in implementing this strategy, in particular with the development of the Seven Heads project. In April this year, we announced that the test results of the first production well on the project achieved flow rates substantially above our expectations. These strong results were supported by the drilling and testing of the second production well, which was completed earlier this month, and which also tested gas above the base case rate for the field. Two further wells are currently being drilled. Importantly, the field remains on schedule for first gas production during the fourth quarter of the year. In addition, since the year-end, we have been granted a Licensing Option for acreage approximately 60km north east of the Seven Heads field ("Midleton"). The award of this Licensing Option is part of our strategy of building on our understanding of the regional geology gained from the Seven Heads field to identify and develop other prospects in the area. The Midleton acreage, together with our interest in Galley Head, which lies due north of Seven Heads, provides us with good upside potential to our existing proved and probable Seven Heads reserves. While Ireland has been our primary focus, we have also made good progress with our other exploration assets. In particular, we are encouraged by developments with our Montenegrin interest since Hellenic Petroleum S.A. (Hellenic) was confirmed as the new majority owner of our local partner Jugopetrol Kotor. Together we have agreed to accelerate the scheduled work programme on the project. This year we will look to acquire approximately 200 sq km of 3D seismic over a shallow water area of high potential, thought to be gas bearing, which would then be followed in 2004 with a well to test the structure. Earlier this month we raised #3.9 million by way of an institutional share placing to ensure adequate funding for this year's seismic programme in Montenegro. Our Oil Services business, which has provided the company with a stable income platform for the past twenty years, has continued to produce a positive cash flow whilst enduring difficult trading conditions as a result of reduced North Sea activity. In summary, the remainder of this year will be a particularly active one for Ramco and a pivotal one in its development. While we will focus our energy on bringing the Seven Heads field on stream, we will also continue to develop our other projects. The Board, remains optimistic about the outlook for the company for the remainder of this year and beyond as we move towards our core objective of proving up substantial reserves of high quality, high value gas to supply the growing European gas market." Shareholders passed all resolutions voted on at the meeting. ENQUIRIES: Ramco Chris Moar, Company Secretary: 01224 352 200 College Hill, Phil Wilson-Brown: 0797 3444 783 This information is provided by RNS The company news service from the London Stock Exchange END AGMEADKXADKDEFE
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