Ramco raises funds for Seven Heads development.

Exploration company Ramco has raised £9.2m (€13m) through an institutional placing of 2,620,000 new ordinary shares of 10p each, at a price of 350 pence per share.

An application has been made to the Alternative Investment Market for the new ordinary shares to be admitted and it is expected that trading will begin tomorrow.

The additional capital raised will strengthen the Group's balance sheet and provide it with an alternative to the mezzanine finance available for the Seven Heads project off the West Coast of Ireland.

The finance will be used to evaluate Ramco's Celtic Sea acreage in offshore Ireland near the Seven Heads gas development.

It will include two new Licensing Options recently granted to Ramco's wholly owned subsidiary Ramco Oil & Gas Limited.

The Aberdeen based independent exploration and production company was granted permission to further explore and develop the Seven Heads project by the Government.