UK-based Ramco Energy is awaiting conversion of its license option for the Seven Heads prospect in the Celtic Sea to a lease undertaking, which would allow the company to drill an appraisal well this year.
New seismic and historic well information has enabled an independent engineer's report to confirm one-half Tcf of gas initially in place at Seven Heads and the adjacent Galley Head prospect.
Ramco said Seven Heads and Galley Head might be placed on fast-track development if the appraisal program is successful.
Funds for the program came from Ramco's sale of the group's 2.0825 percent interest in the Azeri, Chirag and Guneshli field in the Caspian Sea offshore Azerbaijan.
© 2001 Mena Report (www.menareport.com)