Review of Ramco’s troubled gas field

TECHNICAL evaluations of the troubled Ramco-owned Seven Heads gas field off the Cork coast are not expected to result in an upgrade to its value, it emerged yesterday.

Ramco Energy, yesterday issued a pre-AGM statement, which said the technical review of the gas field is nearing completion and will shortly be ready for presentation to partners, banks and the Petroleum Affairs Division in Ireland.

“After discussion with these parties Ramco expects to make an announcement summarising the findings of the review and detailing the agreed future plans for the field. Ramco anticipates it will not be in a position to publish any new information on the field before the end of August 2004,” the company said.