RAMCO Energy, the Aberdeen-based oil exploration company, revealed it was back in the black as it reiterated its plans to advance into Iraq.
The firm reported 2007 profits of £500,000 – boosted by a £3.8 million gain from the sale of part of the company's stake in Lansdowne Oil and Gas, which has early-stage exploration interests off Ireland. In 2006, Ramco reported losses amounting to £5
.7m.
The group said its Mesopotamia Petroleum Company arm was "ready and waiting" to be able to initiate work on oil service opportunities in war-torn Iraq. Chief executive Stephen Bertram said: "As far as Iraq goes, we are ready to move forward as soon as they are."
Yesterday, the Iraqi government said it was seeking external help to boost output from six key oil fields and was open to overseas investment.
Bertram added: "This is positive news and is a step forward."
Ramco, which nearly collapsed after an unsuccessful foray into gas production in Ireland, has also recently launched its SeaEnergy renewables venture, in which it has a 33 per cent stake. It hopes to cash in on the growing wind energy sector.
Bertram said: "The story for us this year is about the turnaround of our business and putting our problems behind us."
Chairman Stephen Remp added: "I believe that there is an outstanding future for SeaEnergy in the years ahead.
"The potential impact of state-of-the art technology on both renewables and Iraq is huge. My vision is that Ramco will be a player in both and I will do my utmost to make that happen."
Shares in Ramco slipped 6p to 73.25p.
The full article contains 282 words and appears in The Scotsman newspaper.
