Ramba says stake at Lemang block worth $193m

Singapore-listed oil, gas firm Ramba Energy Limited announced on Monday that it has received an independent report that estimates the net Potential Present Worth of prospective oil and gas resources for its 41% stake in the Lemang Block onshore South Sumatra to be US$193.7 million.

The report uses a discount rate of 10 per cent.

Completed by independent international consulting firm DeGoyler and MacNaughton (D&M) at the request of Ramba, the evaluation encompasses 10 out of 27 prospects identified at the Lemang Block and estimates 100% of the block to be holding mean prospective resources of 511.2 million barrels of oil (MMBO) and 467.8 billion cubic feet (BCF) of natural gas.

The company said it would proceed with plan to drill the Akatara prospect later this year.

In October 2009, Ramba purchased a 41% interest in the Lemang Block for US$7 million, financed through internal cash resources. The purchase received final approval from BPMIGAS in November 2010. (alex)

Recoverable prospective resources in 10 oil and gas prospects identified in Lemang block

D&M estimates of oil and sales-gas prospective resources at Lemang block, as of 30 June 2011	Low estimate (P90)	Best estimate (P50)	High estimate (P10)	Mean estimate
Gross prospective oil resources, MMBO (million barrels of oil)	285.7	466.1	789.7	511.2
Gross prospective sales-gas resources, BCF (billion cubic feet)	145.5	234.4	380.4	467.8