London based Ramco Energy plc says it will invest $15 million in joint exploration work with Greece’s Hellenic Petroleum SA in offshore locations the Adriatic off Montenegro. Presenting the joint plan, Ramco’s Executive Chairman Stephen Remp said geological explorations so far had shown that a significant natural gas potential existed offshore. “We will invest $15 million this year,” he told reporters in Montenegro’s capital Podgorica late on Tuesday. He said he expected the first well by the end of the year. The programme for this year includes seismic work on around 200 square kilometers (77 square miles) of shallow water with high potential, he said. “If it turns out to be a good finding, then Ramco and Hellenic Petroleum will ask for support from international financial institutions,” Remp said.
(From Kathimerini English Edition 29/05/03)