Ramco Energy Sell Stake

There hasn't been much to say on the Ramco front since the completion of the litigation at the End of April, until now that is, when they have hit the Press & Journal, Aberdeen 2 days running, basically the same story though.

Yesterday they announced that they have sold 25% of their stake (which was 86%) in subsidiary Lansdowne Oil & Gas to raise £2.61 million in cash to help fund their future prospects. Article can be found on the above link, but I'll include Steve Remp's comments here.

Steve Remp, Chairman of Ramco, said:
“We are delighted to have secured this funding from LC Capital Master Fund. They have been long term supporters of Ramco and this funding will enable us to progress our strategy and to take advantage of the opportunities that we have identified and are currently evaluating.

I would like to thank our shareholders for their continued patience and believe that we can now look forward to the future with renewed confidence.”

They have several areas that they are working in including Montenegro, Ireland and Bulgaria.

The Montenegrin acreage is 3,100 sq km, located some 50 km west of the capital, Podgorica, and is an offshore extension of a structural trend currently producing substantial oil and gas onshore Albania. It also has geological similarities with the prolific petroleum province currently being exploited on the other side of the Adriatic Sea in the Southern Apennines of Italy.


Ireland, operated by subsidiary Landsdown Oil & Gas.
The Irish offshore shelf areas have been targeted by the Company for exploration, as these provide shallow water (generally less than 100 metres), relatively low cost opportunities and good fiscal terms, potentially resulting in high value reserves.

Bulgaria license A-Lovech (onshore) with a 20% interest.