Ramco to restructure Montenegro interests

Ramco Energy, the Aberdeen-based exploration and production company, announced that its subsidiaries Medusa (Montenegro) Limited and Medusa Oil & Gas Limited have reached agreement to restructure their exploration interests in the Adriatic Sea off Montenegro.

In the restructuring agreement with Hellenic Petroleum SA (Hellenic) of Greece, Ramco has agreed to exchange its interests in all three blocks for an option to rejoin the acreage after the first exploration well has been drilled.

Ramco through its subsidiaries holds a 40% interest in all three blocks offshore Montenegro.