Ramco reports €116.9m losses

Turnover at oil and gas exploration Ramco increased by 24% to £20.8m (€31.7m) in the year up to December 2003, the company announced today in preliminary results. Turnover was £16.8m (€25.6m) in 2002.

The company's net loss was £76.7m (€116.9m) after release of tax provisions

Losses before exceptional items were reduced to £3.4m (€5.2m) from £6.8m (€10.4m) in 2002.

An exceptional items announcement of £99.2m (€151.2m) related primarily to the Seven Heads impairment provision announced in May.

A spokesman said the company was optimistic in particular about prospects in the Adriatic.

"Exploration work on our Adriatic prospects offshore Montenegro gives grounds for optimism. The interpretation of 3D seismic data acquired in 2003 is encouraging. Results indicate a range of shallow gas and deeper, very large, oil prospects.

"Drilling plans are being finalised and a farm-in partner is being sought for a well by early 2005," he said.