An Aberdeen-based exploration company has scored a portfolio of royalties in North Sea licences for £1.25 million in shares.

An Aberdeen-based exploration company has scored a portfolio of royalties in North Sea licences for £1.25 million in shares.

Ramco Energy plc’s swoop on Eagle HC required no funding and will extend the company’s current reach to the North Sea.

A total of 943,396 new shares in Ramco were issued at 10p, raising £250,000 of the initial consideration. This is to be followed by a further issue to satisfy the balance of £1 million.

Eagle HC owns royalty interests across nine licences on the UK continental shelf accumulated by Exploration Geosciences, a provider of exploration proposals and acreage acquisition strategies that has since been appointed as technical consultants to Ramco.

In addition to providing geological and geophysical support to Ramco’s new portfolio, Exploration Geosciences is to extend its support to the company’s existing exploration assets in Ireland and Montenegro, and will be tasked with identifying new areas for exploration activity outside of the North Sea.

Mark Groves Gidney, MD of Exploration Geosciences will join the Ramco board as a non-executive director.

Ramco chairman Steve Remp has expressed his delight at having acquired initial exposure to the North Sea in a manner that does not require future funding. He adds: “I am also pleased to have secured access to the experience and skill base of Exploration Geosciences and look forward to their support in helping Ramco accelerate its future exploration and appraisal plans.”