Ramba Energy Limited (Ramba or the Group), an oil and gas exploration and production company with interests in Indonesia, announced Tuesday that the Group has entered into an agreement with GSS Energy Sumatra Limited, a wholly-owned subsidiary of a SGX-listed company, GSS Energy Limited (GSS Energy) for an initial investment of up to $5 million.
This marks the third major investment that Ramba has secured in less than one month, as the Group has successfully raised approximately $22.59 million (SGD 30 million) in total funds, having previously completed a private share placement to Indonesian tycoon Prof. Dr. Tahir MBA of the Mayapada Group, and a second placement to Hong Kong tycoon Dr. Albert Yeung of Empire Group and Indonesian businessman Harry Wangidjaja.
Funds raised from this latest investment will be used for Ramba’s exploration program at the West Jambi block, where Ramba plans to drill two exploration wells later this year.
The West Jambi block is an exploration block located in the Jambi sub-basin in southeastern Sumatra, Indonesia. A total of nine prospects and eight leads at the block have been independently studied for exploration potential.
An independent 2015 report from international petroleum consultancy DeGolyer & MacNaughton estimates the West Jambi block as holding gross contingent resources (3C) of approximately 23.1 million barrels of oil, 0.81 million barrels of condensate and 97 billion cubic feet of marketable gas, as at Dec. 31, 2014.
The Group has already carried out G&G studies at the block, and is currently completing the acquisition of 2D seismic.
The investor, SGX-listed GSS Energy became an active investor and operator in the oil and gas sector in September 2014, when it acquired interests in producing concessions in Indonesia. This came as an addition to its other core line of business, precision engineering. The company has a uniquely-focused Indonesia concession portfolio, as it has the operating rights to five oil fields in East and Central Java, Indonesia.
View Full Article
WHAT DO YOU THINK?
Click on the button below to add 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.
Most Popular Articles
From the Career Center
Jobs that may interest you