Having completed its drilling programme on the Seven Heads field, Aberdeen-based exploration and production company Ramco has announced a preliminary upgrade to the proven and probable reserves in the field off the coast of Cork.

Estimates in 2002 by independent auditors Exploration Consultants Ltd (ECL) had put the proven and probable gas initially in place at 552 billion cubic ft and the proven and probable recoverable resources at 304 billion cubic ft in the full field. These have been upgraded to 700-800 billion cubic ft and 375-425 billion cubic ft, respectively. ECL has been formally requested to review the proven and probable reserves in the Seven Heads field. Ramco expects to announce these revised estimates next month.

"We are delighted with the increase in recoverable reserves of up to 40 per cent and very pleased with the excellent progress made since receiving formal approval for the development just five months ago," said Mr Steve Ramp, Ramco executive chairman.

Ramco also announced that it and its partners in Seven Heads had concluded separate negotiations with German gas company Innogy and had nominated production for the first contract year of supply (starting October 1st) to be 60 million standard cubic ft per day.

It added that one of the six wells that it had been exploring in Seven Heads had been abandoned. It was drilled to a depth of 3,613 ft, but was not tested as there were insufficient hydrocarbons to justify completion.