Ramba Energy Limited (Ramba or the Company), an Indonesian-focused oil and gas exploration company, referred to the previous announcements released on Dec. 28, 2012, May 6, 2013, Aug. 28, 2013, and Jan. 27 with respect to its interest in the Lemang PSC block (Lemang block) located in South Sumatra, Indonesia.
The Board of Directors is pleased to announce that the Company has completed well testing at the Akatara-2 appraisal well ahead of schedule. Well testing was completed Feb. 17.
Results of Akatara-2 Well Test
Drill Stem Test (DST) results at the Akatara-2 appraisal yielded positive results, with initial flow rates of up to 2,300 barrels of oil per day (bopd) with 32.3-36.5 degree API gravity and 5.4 million standard cubic feet per day (MMscf/d). The Akatara-2 well has been temporary suspended as an oil and gas discovery.
Initial Flow Rate at the Selong-Akatara Cluster
On May 6, 2013, the Company announced the successful discovery at the Akatara-1 exploration well, in which the Company encountered 274 feet of gross pay, with initial flow rates of 11.0 MMscf/d and 380 barrels of condensate per day (bcpd).
On Dec. 28, 2012, the Company announced the successful discovery at the Selong-1 exploration well, in which the Company encountered 222 feet of gross pay, with initial flow rates of 790 bopd and 16.8 MMscf/d.
Aggregate initial flow rate of the Selong-1, Akatara-1 and Akatara-2 wells is approximately 9,500 barrels of oil equivalent per day (boepd).
Transition to Plan of Development
Given the positive DST results and commercial flow rates from the Selong-1, Akatara-1 and Akatara-2 exploration wells, the Company shall begin to make preparations for commencement of commercial production (COCP) and will submit the plan of development (POD) to the relevant authorities in due course.
Ramba, through its local subsidiary, PT Hexindo Gemilang Jaya, holds a 51 percent working interest in the Lemang block.
Oil and gas exploration is an expensive, high-risk operation. Shareholders are therefore asked to exercise caution when dealing in shares of the Company, and should consult their legal, financial tax and other professional advisers if they have any doubt as to the action to take.
The Company will make such further announcements to inform shareholders of any updates or developments at the Lemang block.
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