Ramco spuds its first well offshore Bulgaria

Ramco Energy plc, the independent energy company focused on the Caspian region and central and eastern Europe, announces that it has spudded the Tangra-1 well on the offshore Shabla Block 91-1 in Bulgaria.
Ramco is operator of the block through a PSA with the Bulgarian Ministry of Environment and Waters. The interests are 65 % and 35 % respectively. Ramco acquired its interest in the Block through its recent acquisition of MMS Petroleum PLC.
Block 91-1 is located in the Bulgarian sector of the Black Sea, along the Bulgarian coastline south of the Bulgarian/Romanian border. The Block has an area of 620 sq. km in water depths of less than 100 meter. The exploration well is being drilled in 45 metres of water. An existing onshore producing field, the Tulenovo field, is adjacent to the Block. Tulenovo has been producing since the 1950s and is one of the largest oil producers in Bulgaria.
The Tangra prospect was identified by MMS following an 850 km seismic program. The Tangra-1 well is being drilled on a turnkey contract using the Tavrida jack-up rig from the Ukrainian company, Chernomorneftegaz.
The PSA allows production to be sold into the international market but Bulgaria also provides strong local market demand, as the country currently relies on Russia for most of its oil and gas supply.

Ramco acquired MMS in November 1998. The acquisition brought Ramco the Bulgarian Block 91-1, as well as Romanian Moinesti Block VI, where a 230km seismic program was successfully completed at nominal cost to Ramco.