Ramco Energy Plc ROS.L - Recovery Stock?
http://www.ramco-plc.com/
http://finance.google.com/finance?q=SEA%3AROS
Use this newspaper for energy news The Press & Journal - they have an energy magazine covering the whole of the oil & gas industry http://www.pressandjournal.co.uk/index.jsp
Ramco is another company thats been on my radar for a long time basically because its local to me. I have been in and out of it at various points, but the share price was decimated by litigation in the US by Anglo-Dutch (Tenge) L.L.C. and Anglo-Dutch Petroleum International, Inc.
This saga has dragged on for what must seem like an eternity to Ramco and they haven't been able to put it behind them because the above appeal and appeal and appeal. The appeals always fail but it has been a heavy load to bear for the company. On Friday however there was trading activity and a 29.56% rise.
From iii bulletin board - poster Poncho via
Van Dyke appeal for a rehearing has been rejected. This means he is now gone for good. Court case now finished. Ramco have won :this was announced on the Texas Supreme Court Website :
http://www.supreme.courts.state.tx.us/historical/2007/mar/030207.htm
THE FOLLOWING PETITIONS FOR REVIEW ARE DENIED:
06‑1090
ANGLO-DUTCH (TENGE), LLC AND ANGLO-DUTCH PETROLEUM INTERNATIONAL, INC. v. RAMCO OIL & GAS, LTD AND RAMCO ENERGY, PLC OF TEXAS; from Harris County; 14th district (14‑04‑00433‑CV, 207 SW3d 801, 10‑19‑06)
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Hopefully this will mean that finally Ramco can get back to doing what they do best and not have to waste time on Van Dyke.
http://www.pressandjournal.co.uk/index.jsp
REMP AND REDMAN TEAM UP FOR BOLD IRAQ ADVENTURE
08:50 - 04 December 2006
Two well known upstream entrepreneurs, Steve Remp of Ramco and veteran driller Peter Redman of Midmar, have teamed up for a pioneering odyssey in Iraq through newly created Mesopotamia Petroleum Development, writes Jeremy Cresswell.
If they realise their dream of producing oil &gas in the war-torn Middle East state, then this pilot could open the door to the huge energy capability resident in Scotland to participate in the recovery of Iraq's huge petroleum industry.
Energy was given exclusive access to a delegation of senior officials from Iraq's energy ministry when they visited Ramco in Aberdeen, week beginning November 20 and prior to meeting with Redman, also companies such as Abbot Group unit KCA Deutag and seismic specialist Veritas.
We were told of a desperate shortage of all key oilfield goods and services, with a particular need to restart a drilling programme - especially deep wells and horizontal/high-angle wells. Another vital need is a thorough mapping of Iraq's vast resources, a process that was started but never completed. And it's not just basic 2D, but 3D, too.
It was clear from the conversation that the Iraqis want to engage with companies perceived as politically non-threatening. They had obviously had their fill of the majors, though the US-led carve-up of the state's resources may frustrate their ambition to be highly selective.
But why are Remp and Redman setting out on such a tough adventure at this time?
Remp's answer was simple: "Because it's there and because no one else has yet been able to crack it.
"Peter and I do fully understand the context; we have our eyes open. There's no question that, at some point, the situation will ease and Iraq will once again become a major producer. The potential is beyond anything that most people can understand. We've already made a remarkable amount of progress and the Iraqis seem to hold us in high regard."
With support from the British Government, we have entered a dialogue with the oil minister in Baghdad and we have just hosted a senior delegation that came exclusively to meet Mesopotamia in order to evaluate whether we might be a company of choice for them in the future."
It was a very productive week. We focused on sharing with them the many new upstream technologies that have been developed over the last five to 10 years.
"Importantly, these guys have not had contact with Western companies and technologies since the Gulf War, so this was a major breakthrough for them to learn what is going on and what might become relevant in due course.
"Notwithstanding the dire political situation, we're engaged with the ministry (in Baghdad) in trying to identify a pilot project ??? a multi-fields development contract that would allow Mesopotamia an early start."
A number of candidate fields have been identified and talks have started.
Mesopotamia Petroleum Development reflects an aspect of Iraq's ancient history. Partners in the company are Remp, Redman and Robert Abel-Smith, a Brit who has engaged with Iraq over many years.
In many ways, Remp and Redman are ideal for the task. They have worked together in the past and are driven adventurers.
Remp has a place in the history of the Great Caspian Oil Game as he pioneered the return of Western companies to the region during the post-Soviet era, which was a deeply uncertain time in local political terms. He also carved out a position in Adriatic state Montenegro during a time of war.
After Ramco's difficult Irish venture with the disappointing Seven Heads project and a protracted, but ultimately successful, battle in the US courts over an alleged breach of contract, Remp has returned to what he is regarded as best at - trailblazing.
"We've gone back to our roots," he said
