RNS Number:6411M
Ramco Energy PLC
23 June 2003


23 June 2003


           RAMCO RAISES #3.9 MILLION THROUGH INSTITUTIONAL PLACING


Ramco Energy plc (Ramco), the Aberdeen based independent exploration and
production company, today announces it has raised #3.9 million through an
institutional placing of 1,295,000 new ordinary shares of 10p each, at a price
of 300 pence per share. An application has been made to AIM for the new ordinary
shares to be admitted and it is expected that trading will commence on 26 June
2003.

The placing was undertaken on behalf of the company by Canaccord Capital
(Europe) Limited.

The additional capital will be used to fund the accelerated exploration
programme of the Ulcinj block offshore Montenegro, which was announced by Ramco
(40%) and its partner in the project, Hellenic Petroleum S.A. (Hellenic) of
Greece (60%) last month.  This programme includes the acquisition of
approximately 200 sq km of 3D seismic this year over a shallow water area of
high potential, thought to be gas bearing, and would be followed in 2004 with a
well to test the structure.

The placing follows the announcement by Ramco last week that, as Operator of the
Seven Heads gas development in the Celtic Sea, the Seven Heads partners had
successfully completed the drilling and testing of well 48/24-7A.

The Seven Heads field (Ramco 86.5%) remains on track to commence production by
the end of the year.


ENQUIRIES:

Ramco
Steven Bertram, Group Financial Director:          01224 352 200

College Hill
Phil Wilson-Brown/James Henderson:                 020 7457 2020



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