Ramco sells Seven Heads gas stake

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Scottish exploration company Ramco has sold its 86.5% stake in the Seven Heads gas field off Kinsale to Marathon for £5.7m. Marathon also has an interest in the Corrib gas field off Mayo.
Ramco began the process of selling its stake in July last year after an agreement with its lenders. All of the proceeds will be used to repay debt it incurred to develop the field.
Ramco had written down the value of its stake in Seven Heads, which has been dogged by production problems and had not produced as much gas as it had hoped.

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Ramco made a profit of £1.8m from its stake in the field in the six months to the end of June. It said the deal removed all potential liabilities associated with the project and allowed Ramco to concentrate on other exploration activities. This includes the drilling of an exploration well off the Donegal coast.