Ramba Energy denies reports on Jatirarangon block divestment

Singapore-listed oil and gas company Ramba Energy Limited denies media reports that it was in talks with potential buyers to divest its working interest in the Jatirarangon Block in West Java.

?The company clarifies that while it has been approached by parties interested in its working interest in the Jatirarangon Block, the Board has neither entered into any discussion with any party, nor accepted any offer, nor considered any proposal from any party for the sale of its working interest in the Jatirarangon Block,? it said in a statement.

Media reports said on Monday that PT Petross Energy was planning to acquire the entire ownership of Ramba Energy Jatirarangon Limited which owns and operates the Jatirarangon gas block in Bekasi, West Java.

Petross Energy President Director, Bagoes Hermanto was quoted by a number of local media that his company would acquire the block for US$30 million with source of funds to come from internal cashflow and bank loans.

Ramba Energy currently has a 70 percent stake in the block, while the remainder 30 percent is held by PT Wahana Sad Karya. (romel)