Ramco re-appraisal sees net assets reduced by €104m

Ramco has said that deliverability from its Seven Heads Gas Field in the Celtic Sea is much poorer than had been predicted.

As a result of an impairment adjustment that the directors will undertake, the net assets of the group will be reduced by £70m (€104m), which will be reflected in the 2003 results, due in the first half of June 2004.