Ramco reports that its subsidiary, Lansdowne Oil & Gas plc, is to seek admission of its ordinary shares to the AIM market, raising £1.6 million before expenses, based on a pre-admission valuation of £16.1 million.
On admission, Ramco will hold 86.48% of the ordinary shares in Lansdowne.
It is anticipated that Lansdowne's ordinary shares will commence trading on or about 21 April 2006.
John Greenall, former head of corporate broking at Investec, will be Lansdowne's Non-Executive Chairman with Dr. Steve Boldy, Lansdowne's Chief Executive Officer. Chris Moar, Company Secretary at Ramco will combine his role at Ramco with that of Finance Director and Company Secretary of Lansdowne. Viscount Torrington, a geologist and Steven Bertram Ramco's Managing Director will act as Non-Executive Directors of Lansdowne.
Steven Bertram, Managing Director of Ramco, said:
"We are pleased with the valuation Lansdowne has achieved, and believe that it endorses our view that Lansdowne has an exciting and well balanced portfolio of assets. Its first exploration well is scheduled to be drilled this summer on the Donegal acreage, through which Lansdowne is carried."