Ramco just about survived the failure of its Seven Heads debacle that saw the once promising gas project collapse after gas flows failed to remain constant.

The assets under Lansdowne's control now include a 19.25% interest in a frontier licence in the Donegal basin, as well as four Celtic Sea licence options.

Lansdowne intends to focus on shallow water exploration and appraisal opportunities and is in the process of seeking farm-in partners for some of the intended projects, the company said last week.

It added that it intends to progress a multi-well programme between 2006 and 2007, with drilling intended to commence on the Inishbeg licence in the Donegal Basin this summer, a prospect the company said is "higher risk" compared to the "smaller, but lower risk gas opportunities in the Celtic Sea, close to existing infrastructure".