Ramco announces that it has spudded its Poduri 1 well on its Block VI (Moinesti), onshore Romania. The well is being drilled using a Romanian rig contracted from Dafora to a depth of approximately 4,000 metres. The partners in the Moinesti EPSA are contractor and operator, Ramco 49% and Romanian state owned oil company, Petrom 51%. The Moinesti acreage contains many hundreds of existing shallow oil wells operated by Petrom. Ramco's rights allow exploration and production over the acreage excluding existing fields, but including untested new pools within, and deeper objectives below these fields. The Poduri prospect, identified through a 206 km seismic survey which confirmed this prospect from an existing 150 km seismic survey shot by Clyde/MMS in 1998, is one of these deeper oil objectives. Results are anticipated early next year.
Ramco obtained its initial interest in Block VI with the acquisition in November 1998 of MMS Petroleum PLC. It later increased its interest in the acreage through its acquisition of Clyde Expro PLC's interest. Clyde also provided funding for the initial seismic work program in discharge of its obligations to MMS under a July 1997 farm-in agreement.