Ramco Awarded Two More Irish Licenses

Ramco Energy has been granted a Licensing Option over parts of Blocks 49/11 and 49/12 in its core North Celtic Sea area offshore Ireland. Ramco has a 100% interest in the Licensing Option, which is valid until July 31, 2004.

Ramco has named the option area "Midleton". The Option acreage lies approximately 60 kilometers north east of the Ramco operated Seven Heads Gas Field, currently under development. As at Seven Heads, average water depth over the acreage is around 100 meters.

The geological target in this area is the Greensand ('A' sand) which has produced most of the gas from the Kinsale Head field - some 35km to the south.

During the Option period Ramco will utilize the same seismic reprocessing technology that it has successfully applied to its Seven Heads field, greatly reducing the seismic multiples caused by the hard chalk seabed in the region. This, and other technical studies, will be used to evaluate several leads already identified in the Option area.

Should the results prove encouraging Ramco would apply to the Petroleum Affairs Division to convert the Option into an Exploration License. Even a modest discovery in this area should prove commercial, given the proximity to existing infrastructure.

Steve Boldy Ramco's recently appointed VP Ireland said: "The award of this Licensing Option is part of our strategy of building on the subsurface understanding gained from the Seven Heads field to identify and develop other prospects in the area. The Midleton acreage, together with our interest in Galley Head, which lies due north of Seven Heads, provides us with good upside potential to our existing proved and probable Seven Heads reserves."