Sugih Energy Withdraws Offer to Acquire Ramba Energy

Indonesia's integrated energy services company PT Sugih Energy Tbk announced Friday, through PrimePartners Corporate Finance Pte. Ltd. (PPCF), that its wholly owned subsidiary Sugih Energy Pte. Ltd. has withdrawn an offer to acquire 51 percent of the issued ordinary shares in Singapore-listed oil and gas exploration and production firm Ramba Energy Limited.

The withdrawal of the offer resulted from the failure of a United States-based lender to provide the loan, which Sugih required to fund the shares acquisition, by end March. Although the Securities Industry Council in Singapore extended the deadline to April 11 for Sugih to obtain confirmation of the financial resources to launch the offer, the lender still did not provide the funds.

"As it is not possible for the Offeror (Sugih) to obtain further extension to launch the Partial Offer, the Offeror has no choice but to withdraw the Partial Offer," PrimePartners said in a press release Friday.

Ramba has upstream assets in South Sumatra and West Java in Indonesia. The firm revealed around mid-February that it will submit a development plan for the Lemang production sharing contract in South Sumatra.

Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Scottish Government Reveals New Subsea... (Jan 20)
 -  SOFF Secures Services Contract for Jan... (Jan 20)
 -  NPD Grants Lundin Permit for Appraisal... (Jan 20)
 -  Lion: AMT-1 Well Abandoned After Stuck... (Jan 20)
 -  Unite: Workers 'Deeply Unhappy' About ... (Jan 20)

Most Popular Articles

From the Career Center
Jobs that may interest you
Business Development Analyst
Expertise: Business Analyst|Business Development
Location: Chesapeake, VA
Attorney I
Expertise: Contracts Administration|Legal
Location: Houston, 
Community Relations Manager Job
Expertise: Legal|PR / Corporate Communications|Project Management
Location: Red Wing, MN
search for more jobs

Brent Crude Oil : $55.49/BBL 2.45%
Light Crude Oil : $52.42/BBL 2.04%
Natural Gas : $3.2/MMBtu 5.04%
Updated in last 24 hours