Ramco Energy shares plummet

RAMCO ENERGY’S failure to solve gas production problems at its Seven Heads gas field off the Cork coast resulted in a 20%-plus loss in the value of its shares on the London Stock Exchange.

Since production problems arose in January, it has spent £3.7 million providing back-up gas supplies to its Irish customers.

The shares took a massive hit in late January when the Aberdeen-based exploration firm took the market by surprise and revealed it was having production problems at Seven Heads, adjacent to the Marathon-operated Kinsale field.