Ramba Energy Finishes Development Drilling at Jatirangon TAC in Java
Indonesia-focused oil and gas exploration and production company Ramba Energy Limited (Ramba or the Company) refers to the previous announcements released on Feb. 8, 2011 and July 5, 2013 with respect to its interest in the Jatirarangon Technical Assistance Contract (TAC) or the Jatirarangon block located in Java, Indonesia.
The Board of Directors announced that the Company has completed the deepening of the JRR-1 production well at 18:00 hours Sept. 8. The JRR-1 well has been deepened to a total depth of approximately 8,900 feet.
Well log analysis confirms the presence of hydrocarbons in the Upper and Lower Baturaja Formation as well as the Talang Akar Formation. The JRR-1 well has produced up to 5.5 million standard cubic feet per day (MMscf/d) of gas and 265 barrels of oil per day (bopd) since the completion of the deepening works.
The JRR-1 well is currently under observation. A full comprehensive extended well testing for other identified zones is expected to be carried out in the future by rigless operation for cost optimization. However, this is subject to regulatory approval.
The Company will make such further announcements to inform shareholders of any updates or developments at the Jatirarangon block.
Oil and gas exploration and production 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.
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