Ramco signs agreement with Anschutz Bulgaria
Aberdeen based oil and energy services company Ramco Energy focused on exploration and production, reports that it
has signed an agreement with Anschutz Bulgaria to farm into the A-Lovech licence area located in north-western
Bulgaria.
Anschutz, a subsidiary of the American company. The Anschutz Overseas Corporation, was originally awarded the Block
in April 2000, and will act as Operator for the area. The agreement between Ramco and Anschutz, which is subject to
Bulgarian government approvals, gives Ramco a 20 % interest and Anschutz an 80 % interest in the licence area, which
lies some 50 miles to the north-east of the Bulgarian capital, Sofia.
The minimum work obligations for the licence area include a two year work programme of geological work and the
reprocessing of existing seismic data before 11 April 2002, followed by the acquisition of 100 km of new seismic in
the following year.
A-Lovech, which covers 4,744 sq km, is located in the area south of the oil and gas fields, operatedby the Bulgarian
company, Pleven Oil & Gas. It contains the Chiren gas field, now converted to gas storage.
Rights to the shallow fields in the A-Lovech Block are excluded from the agreement. The acreage is a thrust belt play
similar to that seen in Ramco's Carpathian Block in southern Poland. Anschutz, which specialise in the exploration of
and production from thrust belts, has identified several deep structures at a depth of approximately 4000 metres.
