(EnergyAsia, December 16 2011, Friday) — Singapore-based upstream company Ramba Energy Limited said it expects to raise S$3.18 million from the sale of shares in a subsidiary to finance its exploration of the Lemang block in southern Sumatra in Indonesia. (US$1=S$1.3).
Ramba, which plans to start drilling the block in the first quarter of next year, will sell off its majority stake in subsidiary PT Sugih Energy Tbk through Indonesia’s PT Sinar Mas Securitas acting as the placement agent and underwriter.
Ramba CEO, David Aditya Soeryadjaya, said:
“The divestment of Sugih Energy is part of Ramba’s strategy to increase investment in exploration assets that demonstrate potential, specifically the Lemang block. We are very confident in our assets and our work programme in moving forward in 2012.”
Ramba Energy Limited holds a 41% interest in the Lemang block, a 70% interest in the Jatirarangon block in West Java, and the entire stake in the West Jambi block in Sumatra.