Ramba Energy to raise funds to finance Indonesian acquisitions

Singapore Exchange-listed oil, gas firm Ramba Energy Limited announced on Wednesday that it would place 35 million of shares at placement price of S$0.525 per share to raise S$17.8 million net.

The Company had on 13 January 2010 entered into a placement agreement with Kim Eng Securities Pte. Ltd. and DMG & Partners Securities Pte Ltd.

The Placement Shares, when allotted and issued or transferred, will represent approximately 19.7% of the enlarged issued and paid-up shares capital of the Company upon completion of the proposed Placement.

The company said proceed from the placement will be utilised for the growth and expansion of the Company, which may include the development and acquisition of Ellipse Energy Jatirarangon Wahana and the participating interest in the Lemang Block.

Ramba announced in September 2009 that it has signed deal to acquire 70 percent interest in Jatirarangon TAC in Cikarang, West Java for US$9.7 million from Ellipse Energy Limited (EEL).

The company also announced in October 2009 that it has signed conditional deal to acquire 41% participating interest in Lemang PSC, onshore Sumatra for US$7 million from PT Indelberg Indonesia. (alex)