Aberdeen-based Ramco Energy has raised £9.2 million (€13.1 million) to help fund its exploration projects off the coast of Cork.Ramco raised the money through an institutional placing of 2.6 million new shares.
The company will dedicate the funds to developing its Seven Heads gas field and to the evaluation of other prospects nearby in the Celtic Sea.
Ramco revealed yesterday that it had been granted two new Celtic Sea licences by the Government.
The Rosscarbery option, which lies immediately north of Seven Heads, is 77 per cent held by Ramco, with the remainder in the hands of Island Petroleum/DNO International and Sunningdale Oils.
The Seven Heads Oil prospect meanwhile covers the same area as the gas field of the same name and is 74 per cent held by Ramco.
The remainder is again shared by Island Petroleum and Sunningdale.
The firm became the sole owner of a further licence at Midleton earlier this year.
Ramco expects to produce 60 million standard cubic feet of gas each day from the Seven Heads field when it is brought on stream next month.
New plan for recycling business
Dublin firms could save €834,000 by taking advantage of on-street "dry recycling" collection, unveiled this week by Dublin City Council and Repak.
Prepaid transparent plastic bags for specified dry recycling materials are being distributed to 10,700 businesses across the city as part of national recycling week, which runs until Sunday next.
Acceptable materials include plastic bottles, film and bubble-wrap, paper and light cardboard packaging, aluminium and steel cans newspapers and magazines.
This scheme has the potential to save firms 27 per cent on their current refuse charges, according to Repak.
Conroy uncovers gold in Monaghan
Conroy Diamonds, the Irish exploration company, has uncovered two zones of gold at its gold prospect in Ballygreany, Co Monaghan. Further digging has been conducted and the firm is awaiting results.
Once these have been received and assessed, drilling at the prospect will begin immediately.
Conroy has previously outlined a well-defined gold anomaly in the same region, including some of the highest gold-in-soil values encountered anywhere in the company's Irish gold search.
VC pays €13m for bio-med firm stake
ICC Venture Capital has paid €13 million for a stake in Galway-based Bio-Medical Research, in a deal that values the group at close to €30 million.
The Bank of Scotland-owned venture capitalist has taken a 46 per cent stake in Bio-Medical Research.
This values the company at €28.26 million.
The Galway- headquartered company develops and sells products for the consumer health and fitness markets through its subsidiaries Slendertone and Neurotech.
Its 2002 revenues topped €60 million. It recently signed new distribution partners in the US, Far East and Europe.
Slendertone produces equipment for developing muscle tone and has operations in this country, the UK, France and Spain. Neurotech specialises in muscle rehabilitation and pain management.
It operates in Ireland and Germany has distribution partners in 10 other countries.
Bio-Medical Research employs 250 people globally, 75 of whom are based in Galway.
The Irish staff work in research and development, finance, marketing and human resources.
