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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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RNS Number:8049N Ramco Energy PLC 22 July 2003 22 July 2003 RAMCO ANNOUNCES SEVEN HEADS DRILLING UPDATE Seven Heads Ramco Energy plc, the Aberdeen based exploration and production company and Operator of the Seven Heads gas development in the Celtic Sea, announces that the Seven Heads partners have successfully completed drilling and testing two further wells. The wells are part of a six well programme which should see the field in production before the end of the year. Well 48/24-8 was drilled to a depth of 4,150 ft by the semi-submersible rig Sedco 711. The well tested gas at a maximum rate of 27.9 mmscfd. For comparison with previous tests, Ramco has normalised this data to a constant well head pressure of 565 psia and on this basis the well can deliver 25.2 mmscfd. This well was drilled into an area of the field where the reservoir is at a shallower depth than the rest of the field. The well has confirmed that a common gas water contact exists throughout the field. As a result there is a greater column of gas bearing sands at that location than had been assumed in the reserves estimates announced to date. Well 48/24-9 was drilled to a depth of 3,655 ft by the semi-submersible rig Sedco 704. The well tested gas at a maximum rate of 19.3 mmscfd. For comparison with previous tests, Ramco has normalised this data to a constant well head pressure of 565 psia and on this basis the well can deliver 12.5 mmscfd. Drilling and completion performance on this well has been the best to date with an elapsed time of just 24 days. The flow rates of the earlier wells at the same constant well head pressure of 565 psia were, well 48/24-5A, 13.9 mmscfd; well 48/24-6, 34.3 mmscfd; and well 48/24-7A, 16.7 mmscfd. All of these rates are above the 10 mmscfd assumed in the base production forecast for the field. The Sedco 711 is now being relocated within the field and will shortly commence the drilling of well 48/23-2, while the Sedco 704 has already moved and commenced the re-completion of the 2001 appraisal well 48/24-5A; these are the final wells in the drilling programme. All 25.5 km of 8" infield pipelines and associated umbilicals which will connect the wells to a central field manifold have been laid on the sea bed and trenched, as has the 35 km of 18" main pipeline back to Marathon's Kinsale A platform. The central manifold is also in place on the sea bed and the sub-sea hook up work has commenced. The construction work necessary to connect the Seven Heads gas pipeline to the Marathon Kinsale A platform is well under-way. The strong gas price projections for the winter months have encouraged the Seven Heads partners to extend the project budget and to commit to an accommodation rig to enable the remaining topsides work schedule to be accelerated, overall allowable personnel numbers on Marathon's Kinsale A platform being a limiting factor. This action should enable the project to deliver first gas early in the fourth quarter of this year. Proved and probable reserves were independently assessed at 300 bcf before this year's drilling programme began. This figure will be reviewed once the drilling programme has been completed. Ramco has agreed to sell its share of the field's gas production to Innogy Ireland Limited. The Seven Heads partners are Ramco (Operator) 86.5%, Island Petroleum Developments Limited 12.5% and Sunningdale Oils (Ireland) Limited 1.0%. Czech Dispute Settlement Ramco has reached agreement with Czech company Moravske Naftove Doly, a.s. ("MND") on the settlement of a dispute between MND and Ramco's subsidiary Medusa Czech Operations Limited ("Medusa") which has been the subject of arbitration proceedings in Prague. Under the terms of the settlement Ramco has received a total of $2,047,396 from MND and MND has acquired Medusa's interests in all tangible and intangible assets generated by the parties' venture in the Czech Republic as well as the share capital of Medusa which has no activities outside the scope of the venture with MND. Ramco has already written off its investments in the Czech Republic in full and has expensed the costs of asserting its claims in the arbitration and related proceedings. ENQUIRIES: Ramco Energy - Aberdeen Steven Bertram Group Financial Director 01224 352 200 Fleishman-Hillard Saunders - Dublin Michael Parker 00353 1 618 8450 College Hill - London Phil Wilson-Brown 020 7457 2020 This information is provided by RNS The company news service from the London Stock Exchange END DRLUURKROARBURR
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