Ramco up 27% with gas report

SHARES in the operator of the Seven Heads gas field Ramco shot up 27% yesterday following the release of the long-awaited report on the field’s viability.

The company said it will need to drill additional holes as the gas is spread out over a larger than expected area, and to combat water in the existing wells.

Production from the field, near to the Cork coast, has plummeted as water was coming through the existing wells reducing the gas extraction rate.