Ramco awarded licensing option off Ireland

Ramco Energy PLC, Aberdeen, on Thursday said its wholly owned subsidiary Ramco Oil & Gas Ltd. has been awarded a 12-month licensing option for the Galley Head area off Ireland. Galley Head encompasses part of Block 48/18, part of Block 48/19, and part of Block 48/24, all in the North Celtic Sea basin.


Ramco Energy PLC, Aberdeen, on Thursday said its wholly owned subsidiary Ramco Oil & Gas Ltd. has been awarded a 12-month licensing option for the Galley Head area off Ireland. Galley Head encompasses part of Block 48/18, part of Block 48/19, and part of Block 48/24, all in the North Celtic Sea basin.

The option was awarded to Ramco Oil & Gas through its partnership with Island Petroleum Developments Ltd. and Sunningdale Oils (Ireland) Ltd. Ramco has a 60% interest in the option, Island holds 32%, and Sunningdale, 8%. Galley Head is located 25 km north of Seven Heads oil and gas field, for which Ramco was granted a licensing option in late 1999.

Two wells have been drilled on the acreage. Well 48/18-1, drilled by British Petroleum PLC in 1985, flowed gas on test. The well is located in 90 m of water about 28 km from the southern Irish coast, and approximately the same distance from both the Seven Heads and Kinsale Head fields.

There are obvious synergies between Galley Head and Ramco's Seven Heads acreage, Ramco says, and development studies show the economics of the combined fields are better than individual developments.

Recognizing the opportunities presented by growing demand for gas in Ireland, Ramco signed its first Irish licensing option for the Seven Heads accumulation in September 1999. The first option covers the southern halves of Blocks 48/23 and 48/24 and the northern halves of Blocks 48/28 and 48/29, all in the North Celtic Sea basin. Ramco holds a 37.5% interest in the Seven Heads licensing option for a period of 18 months.

The Seven Heads structure is close to the center of the North Celtic Sea basin, where it underlies Blocks 48/23, 48/24, 48/25, 48/28, 48/29, and 48/30.

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