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.

SHARES in the operator of the Seven Heads gas field Ramco shot up 27% yesterday following the release of the long-awaited report on the field’s viability.

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

TECHNICAL evaluations of the troubled Ramco-owned Seven Heads gas field off the Cork coast are not expected to result in an upgrade to its value, it emerged yesterday.

A technical review of the Seven Heads Gas Field near Co Cork is nearing completion and will shortly be ready for presentation, the exploration and production company Ramco announced.

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.

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

The ISEQ index of Irish finished up 70.99 points to close at 5194.25.

THE Seven Heads gas field off the Cork coast suffered a major setback yesterday as its operator, Scottish energy firm Ramco, said they were preparing to downgrade the value and amount of reserves in the field.

Ramco Energy plc has announced that its Seven Heads gas field in the Celtic Sea returned to production on March 17 after being shut for three days during testing.

RAMCO ENERGY’S failure to solve gas production problems at its Seven Heads gas field off the Cork coast resulted in a 20%-plus loss in the value of its shares on the London Stock Exchange.

Production from the Seven Heads gas well in the Celtic Sea has declined according to the well operator Ramco.

Aberdeen-based exploration company Ramco Energy has said it has undertaken a technical review of the Seven Heads gas field in the Celtic Sea to investigate previously announced pressure declines from the field, which have been greater than expected.

RAMCO Energy shares plunged by more than 55% yesterday after the company announced it is experiencing severe production difficulties at the Seven Heads gas field off Cork.

The Seven Heads gas development has successfully completed its short commissioning period.

Aberdeen-based independent oil company Ramco saw gas flow from its Seven Heads field off the coast of Cork this weekend.

THE first gas from the Seven Heads field off the Cork coast will begin flowing in the next few days.

RAMCO, the developers of the Seven Heads gas field off the Cork coast who expect to bring 60 million cubic feet of gas ashore a day from November, have raised 13m to search for more gas in the area.

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.

Oil and gas exploration company Ramco have said they should produce gas early in the fourth quarter after a 'tremendous' amount of activity in their Seven Heads gas development off the Mayo coastline.

RAMCO ENERGY, the developers of the Seven Heads gas field, expect to report healthy profits by mid-2004.

THE estimate of “proven and probable recoverable” gas reserves at the Seven Heads gas field off the Cork coast has been increased by 40% by developers Ramco Energy plc.

Aberdeen based exploration and production company, Ramco energy have announced they have successfully completed drilling and testing two further wells in the Seven Heads development off the Cork coast, in the Celtic Sea.

SHARES in Ramco Energy plc, the developers of the Seven Heads Gas Field, are seriously undervalued according to Davy Stockbrokers.

Brian O’Mahony, Chief Business Correspondent

THE development of the Seven Heads Gas Field off the coast of Cork got the green light yesterday from the Government.

THE Scottish company set to develop the Seven Heads gas field off the coast of Kinsale has been given a boost by further delays in the Corrib gas development off Mayo due to a combination of planning hold-ups and other issues.