SeaEnergy - The Offshore Wind Development Company
The only listed pure play offshore wind energy company in the UK


SeaEnergy PLC (formerly Ramco Energy plc), a Scottish public limited company, and its subsidiaries and associates form an energy group, headquartered in Aberdeen, Scotland.

In September 2009 the Board announced the intention to focus the Group entirely on renewable energy, specifically offshore wind. This decision was ratified by shareholders at a General Meeting to change the name of the Company to SeaEnergy PLC. The Group's legacy oil & gas assets will be disposed of over time in an orderly manner designed to maximise value for SeaEnergy PLC shareholders.

The renewable energy operating subsidiary SeaEnergy Renewables Limited has secured two offshore wind farm sites in the Scottish Round and is bidding for further sites in the UK Round 3. The Scottish sites are Beatrice (circa 920MWs), in joint venture with SSE subsidiary Airtricity and Inch Cape (circa 905MWs), in joint venture with RWE subsidiary npower. In each case, SeaEnergy has a 25% interest.

UK round three bids have been made in joint venture with EDP Renewables of Portugal.

The Greater Gabbard development recently achieved transaction valuation multiples when interests in that project were sold at the consented stage and immediately prior to construction , both during 2008. Those transactions achieved prices of approximately 157,000 and 567,000 per MW, respectively and provide a recent precedent which Ramco shareholders should be aware of. If these values are applied to the 456 MW's which SeaEnergy has secured in the Scottish Round, this would imply values of approximately 72 million and 259 million, respectively for the business, should those projects develop to the consenting and construction phases.

Legacy Oil & Gas Interests

The Companys portfolio of oil and gas interests are either minority stakes or non-operated assets and it is the Boards intention to dispose of these interests in an orderly manner over time. The Board does not expect that any further significant funds will be committed to the oil and gas assets unless required, in the opinion of the Directors, to preserve their value, and therefore shareholder value, ahead of any realisation.


Mesopotamia Petroleum Company (MPC)

The Company holds a 32.67 per cent stake in an associated company, MPC, of which Stephen Remp is currently Chairman. In February 2009 MPC signed a JV agreement with IDC, the Iraqi state-owned drilling company, to create IOSCO. We announced on 8 July that IDC had ended the IOSCO JV as MPC had failed to meet a funding deadline. The MPC Board remains as committed as ever to building a presence in Iraq and since that date has been pursuing the re-instatement of the JV. The Board of MPC believe that the market opportunity for delivering shareholder value in Iraq, through the establishment of an oil service JV that is focused on drilling high productivity wells and increasing Iraqs oil production, remains highly attractive.

IDCs decision to end the JV obviously had a negative impact on MPCs fundraising process but considerable efforts are continuing to be made by MPC, which is advised by JP Morgan Cazenove, to secure the funding, conditional on the re-instatement of the JV. Discussions with potential investors and IDC are on-going.

In addition, a number of new and promising opportunities have been brought to MPC and are currently being evaluated. Reaching a satisfactory conclusion may take longer than we might hope but the Board believes it will be time well spent. Further updates will be issued as and when developments materialise.

Lansdowne Oil & Gas plc

The Company currently holds a 36.26 per cent interest in Lansdowne which is itself AIM listed. In 2007 The Company granted an option over its interest in Lansdowne to LC Capital Master Fund (LC), and any disposal of our current holding will have to be arranged in conjunction with LC and as a result no decision has been made by the Board that this interest is for sale, at present.

SOCAR arbitration

The Company is pursuing a claim against SOCAR relating to rights connected to the shallow water Gunashli Field in Azerbaijan. An arbitration hearing has been scheduled for October 2009 in Stockholm and the outcome is expected to be known before the year end.

Eagle HC Limited

Eagle is owned 100 per cent by The Company and has royalty interests in nine North Sea blocks. Whilst none of the blocks are currently producing, two have had hydrocarbon discoveries drilled on them.

Other Oil & Gas interests

The Company holds a small royalty interest onshore Bulgaria, over acreage shortly due to commence production, and an interest in acreage offshore Montenegro, which is currently the subject of a dispute with the Montenegrin authorities. It is expected that as the Bulgarian acreage moves into production and the royalty starts to generate cash flow that there will be buyers for the royalty. It is unlikely that we will find a buyer for our interests in Montenegro unless and until the dispute is successfully resolved.

Not sure if you mean dogs or gas boilers, but never mind, you are still there and your soh is intact.

Do you want to swop stock lists? Just a thought like.

Always happy to see where others are making/losing their money...

Had a good little run, which makes a nice change. Blinkx has been a star and I had a little speculation in JJB and got out just about the right time. All looking OK really - what could go wrong?

How have you been doing?

Not too bad - had a nice spike with De La Rue which dipped but has now regained most of the lost ground. Was also in Omega Insurance which fell on poor results and cessation of the dividend, only to bounce back within days on bid speculation.

So it appears you only buy shares that immediately collapse - would you mind letting me know what you're thinking of buying next?

Sareum had an amazing day and tomorrow will be interesting, are you in that one?

I have a couple of little speccy ones, adds a bit of spice don't you think.

Took a bit of profit on Valerx today and thought about selling some JJB when the price went up, then thought about buying some more when the price went down. In the end did nothing. Fun this investing lark, ain't it.

This is now on its way, SERL sale news imminent-ish.

I expect a rise to circa 1 over the next month or so.

DYOR and don't take my word for it.

Another 6p so far today.

good news indeed.

oilyrag - can you put a chart in the header please.

time to coin flip here i think!

dodgy according to city whisphers apparently

gla

Aye it`s been dodgy for the years I have held it but tiny + is , well a plus.

gibby, the only thing dodgy here was the way that LANSTEAD and CANTORS manipulated the sp in my opinion. Now that all of Lansteads shares are paid for there is no longer any reason to hold the price back.

THIS IS GOING ONE WAY AND ITS UP.

Sorry for shouting.

dodgy it may well be but I like the syle of its sp.

shouting seems reasonable at this time!!

sp looking good - an rns would be helpful though

other good news today for SEA is that the gov has just signed up to the toughest global reductions in co2 emissions yet and that will not be reviewed until earliest 2014 by whoever is the energy minister then - this should send SEA even more blue! apparently negotiations not far off from being completed ref serl sale possibly this week hence SEA increases this week! the news today will only reinforce this sale.....

SeaEnergy plc (AIM: SEA) announces today that it has reached agreement with a consortium of major European energy companies ("the Consortium") to grant a period of exclusivity to negotiate the sale ("the Transaction") of the Company's 80.13% interest in its subsidiary SeaEnergy Renewables Limited ("SERL").

Due diligence is already in progress and the agreement contemplates the signature of formal documentation by early June when the Company would make a further announcement. It is then expected that, in accordance with the AIM rules, the Company would convene a general meeting to obtain shareholder approval of the Transaction with the intention of completing the transaction at the end of June. A member of the Consortium has agreed to advance loan facilities to assist the Company and these loans would be repayable out of the proceeds of any sale.

note by early june - apparently according to whisphers they are ahead of scheulde!

yeeeehaaaa!

note paragraph 'SeaEnergy plc (AIM: SEA) announces today that it has reached agreemen...' is from 3rd may rns

interesting info from earlier this year..

LONDON (ShareCast) - John Aldersley-Williams, a non-executive director in offshore wind power company SeaEnergy, has invested 11,400 in the companys shares.

He bought 20,000 shares at 57p a share. This takes his total holding to 67,816 shares.

The share pruchase follows last weeks news that SeaEnergy and its partner EDP Renovaveis had been granted rights to develop offshore wind farms in the Moray Firth, Scotland. SeaEnergy owns 25% of Moray Offshore Renewables, which won the rights in the third round of licensing.

Cantor-Fitzgerald increased its stake in SeaEnergy to 8.57% last week.

Aldersley-Williams has 25 years of experience in the energy business and in the past decade he has focused on renewable energy. He helped to develop the SeaEnergy business.

SeaEnergy used to be an oil and gas company known as Ramco. It still has some remaining oil and gas interests, including 32.7% of Mesopotamia Petroleum and 36.3% of Lansdowne Oil & Gas.

only 69.11m shares issued for sea

Who wants yesterdays papers, tomorrows would be good?