Ramco shares plummet by 55%

RAMCO Energy shares plunged by more than 55% yesterday after the company announced it is experiencing severe production difficulties at the Seven Heads gas field off Cork.

In a surprise move, the Aberdeen-based exploration and production company and operator of the Seven Heads gas field said problems have arisen with the gas production from five sub-sea wells via a pipeline tied back to the Kinsale facilities.

The Department of the Marine and Natural resources, who granted Ramco the gas production licence, said they are not commenting on the situation as they do not usually comment on the affairs of private companies.