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.

http://209.85.229.132/search?q=cache:DmlnvwgO7JEJ:www.stockgumshoe.com/2009/07/iraqi-oil-the-most-dangerous-1400-youll-ever-see.html+mesopotamia+petroleum+company&cd=70&hl=en&ct=clnk&gl=uk&client=firefox-a

http://www.envirogen-recruit.com/cm/news/33438 Ambrian Capital says buy SeaEnergy PLC, puts 70 percent upside on the stock

Ambrian Capital has issued a note on SeaEnergy PLC (AIM: SEA), a week after the name change from Ramco Energy and the strategic shift from oil services company to pure-play offshore wind energy play came into effect. The broker has a buy' rating on the stock and places an 81 pence valuation on SeaEnergy, based on a sum-of-the-parts of the portfolio of assets it holds.

This represents an upside of near 70 percent compared to the current share price. Sea Energy was trading at 46.75p in early afternoon deals today.

When Ramco announced the re-positioning at the beginning of September, it said the offshore wind opportunity was "truly enormous", with over 130 billion of investment envisaged over the next 11 years through the Scottish and UK Offshore Rounds.

Ramco subsidiary SeaEnergy Renewables Ltd (SERL) has secured a net 456 MegaWatts of offshore wind farm acreage alongside large utility partners. By early September, SERL had secured a 25 percent interest in two joint ventures to develop offshore wind farms with a total capacity of over 1800MW with partners Scottish & Southern Energy PLC (LSE: SSE) unit Airtricity and RWE AG unit npower. Together with EDP Renewables (EDPR) it had also made applications for sites to be awarded through the UK Offshore Round 3 process.

The new entity will draw its strength from the SERL team which conceived, developed and delivered the world's first deep water wind farm which remains the deepest development to date - the Beatrice Project. It involved the installation of the two largest wind turbines, with 5 MW capacity each, ever deployed offshore, at water depths of 45 metres. This, combined with the Ramco team's expertise in delivering deep water offshore developments in the oil and gas industry, puts SeaEnergy in an unrivalled position at the vanguard of the emerging offshore renewables industry, it stated.

Ambrian Capital said in its note that, while bids in the UK Offshore Round 3 are not expected to be announced before the end of 2009, it believes the EDPR/SeaEnergy consortium is ideally placed to be allocated one or more of the nine zones in the programme.

After a 7.5 million placing with UK investment group Lanstead Capital LP which will become a 22 percent shareholder in the new entity, SeaEnergy's model is de-risked in the near term, with funds to meet corporate overheads and development investment until mid-2010, the broker said, adding that the development business model aims to achieve a 10 times return at the pre-construction stage.

"SeaEnergy is an example of a stock with an asymmetric risk profile - minimal capital at risk for a large potential payoff."

3v1 looks like seller has gone time for a move north
http://www.talentscotland.com/jobs.aspx?item_id=73765

Ramco Exits The Oil Industry To Focus On Offshore Wind Under The New Name Of SeaEnergy

By Rue Swabey

The move by Aim-listed, Aberdeen-based oil company, Ramco Energy to change its name to SeaEnergy, divest its oil assets and focus on offshore wind, underscores the potential magnitude of the UK offshore wind opportunity. Ramco started off in 1977 as a contractor servicing pipes, before becoming an exploration company. Its founder and chairman, Steve Remp, whose family have been in oil for four generations, made headlines in the 1990s when Ramco became the first western company to enter the former Soviet republic of Azerbaijan. But there have been lows too. In 2003 there was an unsuccessful move into gas production off Ireland, and recently plans to develop oil services in Iraq fell through when the companys partner, the state-owned Iraqi drilling company, pulled out of a joint venture to tender for drilling contacts.

Mr Remps oil expertise makes his move into renewable energy particularly compelling. His experience in managing complex engineering projects in difficult environments will be invaluable in developing offshore wind. SeaEnergys business development director, Allan MacAskill, who was previously at Talisman Energy, highlights how the infrastructure of a depleted oilfield can be re-used for offshore wind. In fact the cost involved in dismantling the four legged stools which oil platforms stand on when oil fields are de-commissioned makes it highly desirable to develop offshore wind farms on the site of a former oil field.

Ramco established SeaEnergy Renewables (SER) in 2008 and will now acquire the shares that it does not own. The SeaEnergy team participated in the design and construction of the 41 million Beatrice Wind Farm which was set up in 2006 as a demonstration project for the European DOWNVind programme. At the time it was Europes largest renewable energy research and development programme. It successfully deployed two 5MW turbines adjacent to the Beatrice oil field, 25 kilometres from the east cost of Scotland in waters 45 meters deep. SERs involvement in the project has given it valuable offshore wind experience.

SeaEnergy has agreed joint ventures with three European utilities: Airtricity (Scottish and Southern Energy), RWE npower Renewables, and EDP Renewables. With these partners it plans to develop between three and five GW of offshore wind capacity within five years, and to build it within ten years. SeaEnergy plans to retain a 25 to 33 per cent stake in each project, resulting in net capacity of at least 1GW. With its partners, SeaEnergy has secured rights to 455MW and is currently bidding for acreage in the UK Round 3 with Portugals EDF.

The UK is an attractive offshore wind market, given its long coast lines and strong winds. The regulatory framework is positive, while feasibility studies for the construction of an offshore transmission system linking potential offshore sites in the coastal waters of Ireland and Western Scotland are underway. Slow progress in developing onshore wind and low solar penetration mean that if the UK is to meet its target of generating 20 per cent of its energy from renewable sources by 2020, offshore wind must be prioritised. But it is far more challenging than onshore wind, both in terms of technology and costs. Deep waters make it difficult to attach turbine towers to the seabed and post-installation maintenance is expensive. The cost of a transmission grid is estimated to at 15 billion. Large oil firms like BP and Shell have pulled out of offshore wind projects.

SeaEnergy is seeking to raise 8 million to fund its share of the development costs of the Scottish sites. US investment fund Lanstead has made a 7.5 million equity commitment at 55p per share, which will give it a 22 per cent stake. If SeaEnergy secures the consents it hopes for, there is likely to be another fundraising or an IPO in 2010. An announcement on UK Round 3 awards from the Crown Estate is expected in the last quarter of this year and the completion of the Scottish environmental assessment is expected in the first half of 2010. Both events will give the market a clearer indication of where SeaEnergy is heading.

http://www.edisoninvestmentresearch.co.uk/research/category/SeaEnergy

oilandgasman/theresearcher/holmes/devlin/etc/etc

Serial pump and dump merchant.

Ramco becoming this.......a bad joke.....ridiculous...same people possibly from oil now wind....

This could be a huge winner IMO. Could actually be looking at 100 - 300% SP increases here.

As oilandgasman has very well presented, the investment (ableit exceptionally high risk) is very attractive for this co.

Expected in Q110
Brokers predict a +/- 30% capacity change depending on the Strategic Environment Assessment for their RWE and Airtricity partnerships.

The cost of bringing the Scottish sites to consent will be 16.5k/MW, upon consent this value will increase to 150k/MW, providing a 9.5x uplift. Taking the sites to financial close or the start of construction sees this value rise to 570k/MW. Apply this across the board to their existing capacity and their potential capacity from round 3 and you have a 100m + company.

This is nothing more than an investment vehicle.....loads of them around....25% of something up in Scotland....plus bits and pieces of almost unknown oil companies....a company to be wary of....but the sp could go up...risky because of Ramco backround !.

Strong rumour that MPC and IDC, JV back on track. Both are in meetings next week in London and Iraq.

If so, could go ballistic.

No advice intended, DYOR.

guys i attended a one 2 one by given by analyst.co.uk on the 2nd dec in attendance were leni oil and gas and more importantly nexus management plc/NXS i bought 500k and 300k todays as interview given indicated major breakthrough contract for vpep with a global utility provider.up today and buy limits cut

Well, I posted some negative points on here just now and have just taken out a small punt on this only because of round 3 of awards....if it goes down : I won't lose that much.

Guys this oilbrat is known as "theresearcher" from advfn, a serial conman
who makes up his own rumours for pump and dumps !

He's been banned so many times on both sites for spam !

Not really any point banning him, you just ignore the comments - its quite easy.
I sincerely doubt someone in the possession of such knowledge would be posting on a Free online Bulletin Board.
Besides that the actual investment case here is strong.

UK, 8 EU nations sign pact for offshore energy grid

By Greenbang on Dec 07, 2009 in Energy and Fuel, Featured


Nine countries including the UK signed up today to develop an integrated offshore grid in the North and Irish Seas.

Other nations signing onto the plan include Germany, France, Belgium, the Netherlands, Luxembourg, Denmark, Sweden and Ireland.

The idea of a grid spanning European waters is to make supplies of electricity more secure for the participating countries by making it easier to optimise offshore wind electricity production. The grid is also aimed at helping the EU as a whole to meet its renewable energy target for 2020.

Talks begin today in Copenhagen on how we can cut carbon emissions worldwide, said Lord Hunt, Minister of State for the Department of Energy and Climate Change (DECC). A large part of that will be continuing the domestic decarbonisation of our energy supplies by moving to low-carbon sources including wind.

Were already the world leader in offshore wind here in the UK and todays announcements bring new funding and expert direction to grow this vital new industry. They also mean we can work with other countries in the EU to increase our renewable energy supplies.

Lord Hunt also announced the next round of Low Carbon Energy demonstration capital grants for Vestas, Clipper and Mitsubishi, and also the appointment of Bernard Bulkin as the expert chair of DECCs Office for Renewable Energy Deployment (ORED).

Vestas will receive 1.75 million from the hovernment and a further 1.75 million from the South East England Development Agency, in addition to 6 million already awarded. Vestas announced today that with the award of its grant, it will be going ahead with its research-and-development facility on the Isle of Wight. Vestas currently employs 160 on the Isle of Wight. By the time it opens the technology centre in 2011, the company expects this to grow to over 200 and then to nearly 400 over the following years.

All looking good for the next couple of weeks lads. 3rd Round here we come...

6th of Jan - Announcement Day!

Maybe R3 released on 23rd Dec with full details to follow on 6th Jan.

At the moment : my gamble is turning into a good investment......just hoping that the 3rd round goes well...

News looks promising....i can see things improving very quickly with this one.....cant wait