Ramco announces £1m loss for first half

Oil and gas exploration company Ramco has announcd an after-tax loss of £1m (€1.45m) for the six months to June 30.

Oil and gas exploration company Ramco has announced an after-tax loss of £1m (€1.45m) for the six months to June 30.

The company said a technical report on the Seven Heads field off Co Cork was completed and detailed findings would be announced during the next few weeks.

Turnover for the first half of the year was £23.9m (€34.8m), reflecting a full six months of revenue under the Gas Sales Agreement (GSA) for the Seven Heads gas field.

However, the company said production problems encountered at Seven Heads have resulted in additional costs.

These relate to transportation associated with importing shortfall gas to Ireland to meet the GSA obligations, and the technical studies undertaken to investigate the production problems.

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