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Marathon Oil Tied Up In Seven Heads Too

During 2001, a petroleum lease was issued for the Corrib field in License 2/93, located 40 miles off the west coast of Ireland. The development will consist of six subsea wells, tied back to a processing terminal onshore via a 20-inch pipeline. Final planning approval for the onshore terminal is expected by the end of the first quarter of 2003. With approximately two years of onshore and offshore construction activities thereafter, production startup is targeted for first quarter of 2005. Marathon has an 18-percent non-operating interest in the Corrib field.Seven HeadsDuring 2002, Marathon entered an agreement with the Seven Heads group to provide gas processing and transportation services, as well as field operating services for the Seven Heads gas being brought to the Kinsale offshore production facilities beginning in 2003. This agreement will result in Marathon providing capacity to process and transport between 60 mmcfd to 100 mmcfd of Seven Heads gas, and enhances the value and utilization of Marathon’s Kinsale Head infrastructure. As part of this agreement, the Seven Heads group (led by operator Ramco Oil & Gas Limited) will share in the costs of operating the Kinsale Head facilities. This agreement is subject to the approval of Ireland's Minister of Communications, Marine and Natural Resources. Estimated to contain proven and probable natural gas reserves of approximately 300 billion cubic feet, the Seven Heads field is located 35 kilometers to the southwest of Marathon's Kinsale Head field and processing infrastructure in the Celtic Sea off the southern coast of Ireland.

Neil O'Leary also previously worked for Ernst And Young by eeekkkk Friday, Jul 15 2005, 1:38pm
Who coincidentally are tied up in Gas Exploration off the Irish Coast:Ramco hires Ernst and Young to make up debtBy Finfacts TeamJun 20, 2005, 08:47Steve Remp, Executive Chairman of Ramco.Scottish exploration company Ramco has appointed consulting group Ernst & Young to help it to find a buyer for its 86.5% stake in the Seven Heads gas field off the coast of Cork. The company has said it has been granted extended waivers on loans until it has sold enough assets to repay its debt. Under the agreement with its bankers, Ernst and Young have been appointed to work with Ramco to sell Ramco’s stake in Seven Heads but also to try to identify possible buyers for other assets. These potential sales would help Ramco to pay off £12m of its Seven Heads borrowings.Its bankers have agreed to extend waiver agreements, while Ramco has granted its bankers three million warrants at 34p per share exercisable until the end of June 2010.A major Ramco creditor has also agreed to defer a £1.6m debt until asset sales have been completed. Ramco has also raised £1m through an institutional placing.Earlier this year, Ramco said it had ended talks on a possible takeover offer for the company. Production problems at the Seven Heads field have dogged Ramco.Ramco said 3 million warrants will be granted to the company's bankers with an exercise price of 34 pence per share. In a similar arrangement with a major creditor a STG1.55m debt will also be deferred until asset sales have been successfully concluded, Ramco said. In April this year, Ramco began talks on a possible offer to buy it over but which were later called off. The company started the talks after running into trouble at its Seven Heads gas field off the south coast of Ireland. The company suffered as flow rates at the field had turned out to be lower than expected.

Posted Date: 
14 February 2007 - 12:40pm