Ramba Evaluates Bids to Acquire Minority Stake in Lemang Block in Sumatra
Ramba Energy Limited (Ramba or the Company) referred Monday to the previous announcement released May 25, 2013 in which the Company announced that it had appointed PT Rothschild Indonesia and DMG & Partners Securities Pte Ltd as joint advisers (the Joint Advisers) to conduct a strategic review of its interest in the Lemang Block (Lemang Block) located in South Sumatra, Indonesia. The purpose of this strategic review is to enhance value for the Company and shareholders. Currently, Ramba holds a 51 percent working interest in the Lemang Block through PT Hexindo Gemilang Jaya, its local subsidiary (Hexindo).
Following a comprehensive strategic review and robust due diligence process (which are still ongoing), Ramba has received proposals from interested bidders for the acquisition of the minority interest in the Lemang Block.
Ramba will continue to evaluate the proposals with the view of selecting the best bid which may eventually lead to the acquisition of the minority interest in Lemang Block.
The Company will make such further announcements to inform shareholders of any updates or developments.
Oil and gas exploration is an expensive, high-risk operation. Shareholders are therefore advised to exercise caution when dealing in the shares of Ramba, 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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