Seven Heads Plan of Development Approval

abarrelfullabarrelfull wrote on 14 Jan 2013 11:37

12 March 2003

Ramco Energy plc (Ramco), the Aberdeen-based exploration and production company, welcomes the approval of Plan of Development for the Seven Heads Gas field, located in the Celtic Sea offshore Ireland.

Ireland’s Minister of State at the Department of Communications, Marine and Natural Resources, John Browne T.D., today announced that he has approved a plan of development for the Seven Heads Partners.

Ramco announces that this approval means that gas deliveries are on track to commence before the end of 2003.

The Seven Heads Partners plan to re-complete well 48/24-5A and drill five additional production wells, commencing this month. The wells will be linked to a sub-sea manifold and connected to the nearby Marathon operated Kinsale Head facilities by sub-sea pipeline. Agreements are in place with Marathon that permit additions to, and use of, their existing Kinsale offshore facilities and pipeline to the Inch Terminal.

The Seven Heads development is expected to supply Ireland with 10-15% of its gas requirements for approximately the next 15 years - a significant development for Ireland as currently producing fields have begun to decline. As a result, Seven Heads will increase Irish national self-sufficiency in indigenous fuel, contribute substantially to the Irish economy, and help Ireland meet its obligations under the Kyoto agreement.

Ramco is Operator of the project and holds an 86.5% interest, with the remaining interests held by Island Petroleum Developments Ltd (12.5%) and Sunningdale Oils (Ireland) Ltd (1)%.

Commenting on these recent developments, Steve Remp, Executive Chairman of Ramco, stated:

"We are delighted to have the support of the Minister for a project that is of great importance to both Ramco and Ireland. Today's announcement is excellent news and means that we remain on track to meet our objective of bringing first gas ashore during the fourth quarter of 2003."

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