Ramba Energy completes W. Java gas field acquisition
Tuesday, March 30 2010 - 08:15 AM WIB
Singapore Exchange-listed oil, gas firm Ramba Energy Limited announced on Tuesday that it has, on March 29, 2010, completed transaction to acquire 70 percent interest in Jatirarangon TAC in Cikarang, West Java.
The Company said it paid Bermuda-based Solstice Limited US$9.7 million for the transaction, of which $6 million were paid in cash and the balance in shares.
The Jatirarangon Field was brought into commercial production in October 2004.
The remaining unexpired term of the TAC is 11 years and it will expire in May 2020.
The Jatirarangon Field currently supplies gas to PT Perusahaan Gas Negara (Persero) (PGN) under a gas sale and purchase agreement which will expire in 2014. (alex)