Takeover talk sees Ramco surge

SHARES in Ramco Energy surged nearly 50% yesterday after the troubled operator of the Seven Heads offshore gas field near Kinsale announced a potential takeover approach.

Ramco, whose shares are traded on the London Stock Exchange’s Alternative Investment Market, added 18½p to 56½p on news that the company was in talks with an unidentified buyer.

“These discussions are progressing but there is no certainty a formal offer will result,” a statement said.