Ramba to raise $22.8 m to explore, develop Indonesian assets

Singapore-listed firm Ramba Energy Limited announced Thursday that it has entered into an agreement for the placement of 43.6 million shares to raise S$22.8 million.

Ramba has appointed DMG & Partners Securities Pte Ltd as the placement agent to procure purchasers for the placement shares.

The proceeds will be used to provide working capital for the exploration and development of Ramba?s oil and gas business. This includes drilling, as well as to undertake seismic activities for the oil and gas working areas belonging to the company.

The company is planning to drill one exploration well called Akatara in Lemang PSC onshore Jambi in August this year. According to the company, the Lemang Block has altogether 6 ready-to-drill prospects and 21 leads.

In February this year, Ramba announced the plan to drill two new production wells, JRR-6 and JRR-7, at the Jatirarangon Block, onshore West Java during the second half of the year. The new wells which are expected to add at least 4 mmscfd of gas will double the current production volume. (alex)