Ramco Disposes of Non-Core Exploration Assets
Ramco Energy plc has agreed to dispose of four non-core overseas subsidiaries, to Falcon Oil & Gas Limited.
The asset disposals are in line with Ramco's stated strategy of focusing on a smaller number of interests with high potential, reducing the number of exploration licenses in central and Eastern Europe in which the Company is involved. The consideration for the disposal of the four subsidiaries is £43,000. Ramco may receive further amounts in the future depending on Falcon's ability to benefit from tax losses and tax rebates within the overseas subsidiaries.
The assets of the subsidiaries to be disposed of comprise interests in various exploration licenses in central and Eastern Europe and had a carrying value of nil in Ramco's books. All outstanding commitments under the licenses held by the subsidiaries to be disposed of, as well as related ongoing overhead commitments, will now be met by Falcon.
Ramco, in addition to its Irish interests, retains exploration interests in Montenegro, Bulgaria, and Poland where its 41.5% interest with RWE-Dea in the Carpathians blocks in the south of Poland has recently tested gas and a second exploration well is shortly to be drilled.