By OGJ editors
HOUSTON, June 23 -- Ramco Energy PLC, Aberdeen, UK, raised $6.5 million through a private stock placement that it plans to use for its share of an exploration program on the 3,100 sq km Ulcinj block in the Adriatic Sea.
Ramco 40% and its partner Hellenic Petroleum SA of Greece 60% plan to acquire 200 sq km of 3D seismic data this year over a shallow water area of high potential, thought to be gas bearing. A well would follow in 2004 to test the structure.
The block is on trend with Southern Apennines discoveries in southern Italy (OGJ Online, Apr. 16, 2003).