Ramco Adds Exploration Acreage Offshore Montenegro

Ramco Energy's wholly owned subsidiary Medusa (Montenegro) Limited has joined Jugopetrol Kotor and Hellenic Petroleum S.A. of Greece in the Prevlaka exploration blocks 1 and 2 offshore Montenegro.

JPK already holds a 49% interest in these blocks and Hellenic and Medusa have acquired the interest of Star Petroleum Holdings Limited. The extensive acreage (4,500 sq km) in the Adriatic Sea lies immediately to the north of the Ulcinj block 3 where Ramco, JPK and Hellenic have been working together for some time.

In the Prevlaka blocks in which JPK now holds 49%, Hellenic 11% and Medusa 40%, the companies will shortly commence work on a technical work programme designed to capitalize on the extensive geological knowledge they have gained from their recent 3D seismic survey over parts of the Ulcinj block.

The Company is also pleased to confirm the return to work, initially on a part-time basis, of its Executive Chairman, Steve Remp, who is recovering from recent surgery.

Dan Stover, Ramco's Chief Operating Officer, said "The Prevlaka acreage adds to the already exciting oil and gas potential of our Ulcinj block. Ramco looks forward to working with our partners and the Government of Montenegro in exploration of the offshore waters of Montenegro."