Ernst & Young advises on oil field sale

Ramco Energy has appointed Ernst & Young to help it sell its 86.5% stake
in the Seven Heads gas field near London.

The Big Four firm was appointed after Ramco concluded extended waiver
agreements with its bankers and a major creditor.

E&Y will also help identify buyers for other assets, including Ramco’s
profitable oil services business.

Ramco needs to repay a £12m tranche of its borrowings on Seven Heads and has
negotiated to defer the payment of £1.55m of debt to a major creditor until
asset sales have been concluded.

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