Ramco Awarded Bulgarian Exploration License

Ramco Energy has been awarded a new exploration license for the B-Golitza Block located in eastern Bulgaria. The agreement, which gives Ramco 100% of the contractor's interest in the license area, was signed on March 14, 2002.

The B-Golitza license area covers 4343 sq kilometers and lies 30 kilometers west of the Black Sea Port of Varna, in the frontal ranges of the Fore Balkans thrust belt. The work commitment for the license area consists of an eighteen-month work program, including the reprocessing of existing seismic and other studies.