Scottish exploration group Ramco Energy has successfully completed the testing of a well on its Seven Heads gas field off Kinsale, Co Cork, which could reach the market by 2003.
The company, which is cash rich following the $150 million (€165 million) disposal of its interest in the Azeri Chirag Gunashli Fields offshore Azerbaijan, has a 49 per cent interest in the bloc. "Yes, we have found gas and at the rates we expected. This information will allow us to go to our partners and look at a development programme for the field," a spokeswoman for Ramco said.
An independent consultant's report estimated gas in place at the Seven Heads field at around 500 billion cubic feet, making it 60 per cent the size of the Corrib field off the West coast.
"This is clearly a significant development," Davy stockbrokers exploration analyst Mr Job Langbroek said. "The operators here are saying this will be half as big as Kinsale and that is pretty significant."
With more than half of Ireland's gas requirements imported at the moment there should be good demand for the new gas supply.
The company's share price on London's AIM market was unchanged at £3.67 1/2 yesterday, having already jumped by almost 20 per cent on rumours of the find last week.
The find is located west/south-west of the Marathon operated Kinsale Head gas field in average water depth of 330 feet, which Ramco says is manageable.
