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.

Up again.....awarded something ...perhaps....the market seems to think so...

Now we're cooking.

Well : looks like they've been awarded something in the 3rd round but bizarre that there has been a leak about it....seems to happen frequently in the city this sort of thing....anyway it's good news and quite a few people buying in I see !.

Should see a 10 - 15% on Fridays confirmation too IMO.
Glad you did the right thing rf

A punt that seems to be paying off.....quite pleased !, I must say (so far).

Bought some more at 37p a couple of weeks back, now 64p to sell and rising.

I think that there is more to come yet from this one....best to go with the trend which is up... at the moment.

RF, my target to sell is currently somewhere between 2 to 5 at the moment depending on timescales.

Medium to long term investor, me.

Good luck all.

Hopefully the news will be made official on Friday.

From what I understand....the government will announce some windfarm awards then.....

yes but unfortunately everyone already knows we've one the rights to 1.

Now its whether the market will decided its priced in this news already or whether the confirmation will spark a further 15% gain. Am happy to hold through the news though. Personally yet undecided whether i am short - medium or long term here.

Ready for lift off.

Just announced confirmation on the radio, sp up 15% on top of yesterdays 15%.

Board very quiet.

Isn't anyone intrested in this.

As I said on the 2010 tips thread, this is my pick of the year, although my mate reckons that BAO will outperform this. Who cares i'm in both.

Err, sorry 20% up.

This reminds me of the Portlands Gas storage award.....

What happened there rf ?

Stock rocketed before crashing back.

So long as it holds a solid gain tonight I'm confident it will tick up over the next few weeks with brokers re-rating etc.

Times Tiddler to Watch Yesterday.
Personally would have sold at 86 / 85 this morning for a healthy 110% gain over 2 weeks but happy to hold 4 the time being in anticipation of these levels again

Sold out in 2 chunks today......can't complain.....doubled my investment....might be back in 30 days time or in a sipp.....other fish in the sea (no pun intended).....might go higher up to 90p or so....but it might remain around this mark for a couple of weeks...

Nice one guys.