Ramco Energy plc ("Ramco") notes the recent share price movements and articles in the media surrounding its associate company Mesopotamia Petroleum Company Limited (“MPC”), in which Ramco holds a 32.66% interest, concerning the establishment of a joint venture with the Government-owned Iraqi Drilling Company ("IDC").
Ramco confirms that MPC has been in talks concerning the establishment of a joint venture to provide oil services with IDC, under a mandate from the Iraq Ministry of Oil, for some considerable time and these have reached an advanced stage. MPC is pleased to see such positive reported comments from the Iraqi Minister of Oil, H.E Hussein Al-Shahristani. However, the establishment of the joint venture is still being finalised and requires ratification. A further announcement will be made in due course.
Steve Remp, Chairman of Ramco commented:
“As Chairman of MPC I am delighted that we have made such substantial progress during our recent meetings in Istanbul. This services joint venture is designed to accelerate Iraq’s own efforts to boost its production in the near term. We look forward to early ratification so that we can get on with the task at hand."