Ramco Energy yesterday predicted that the Seven Heads field off the Republic's south coast would be producing gas early in the fourth quarter of this year.
In a statement, Ramco said it had successfully completed drilling and testing of two wells. The pair will be part of a six-well programme that should see the field producing by the end of the year, the company added.
When it began developing the block, the exploration company estimated that the field contained reserves of 8.5 billion cubic metres, and could supply up to 10 per cent of Irish natural gas needs at full production.
Scottish-based Ramco recently secured an €86.86 million project finance loan from Bank of Scotland to develop the Seven Heads field.
The company has an 86.5 per cent stake in the block, while Norwegian operator, DNO, holds 12.5 per cent through a subsidiary, Island Petroleum Development.
The Seven Heads field is located in 100 metres of water some 50 km off the Cork coast. It is around 30 km south-west of the existing Kinsale field, which was the only Irish source of gas in the last decade.
