LONDON (Thomson Financial) - Ramco Energy Plc. said an exploration well has
been spudded in a prospect in which recently-acquired Eagle HC Ltd holds a
royalty interest of 0.54 percent, thus triggering 0.5 million pounds in deferred
payments as previously announced.
Lundin Petroleum AB has started drilling well 21/8-4 on the Torphins
prospect on block 21/8, in which Eagle HC Ltd. holds a royalty interest of 0.54
percent, Ramco said in a statement Monday.
Ramco announced the acquisition of Eagle, which owns a portfolio of North
Sea royalty interests, for 1.25 million pounds in shares in May 2008.
The company issued shares to pay an initial 250,000 pounds , with a further
1 million pounds payable if certain milestones are reached.
Ramco will pay the remaining 0.5 million pounds when cash flow from the
royalty portfolio begins.
TFN.newsdesk@thomson.com
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