Ramco raise 13m to widen gas search

RAMCO, the developers of the Seven Heads gas field off the Cork coast who expect to bring 60 million cubic feet of gas ashore a day from November, have raised 13m to search for more gas in the area.

The Aberdeen-based independent exploration and production company yesterday disclosed it raised 13m through an institutional placing of 2,620,000 new ordinary shares of 10p each at a price of stg£3.50 per share.

The shares traded at £3.77 yesterday on the LSE’s AIM.