Ramba to raise S$3.18 million for Lemang block exploration
Wednesday, December 14 2011 - 07:48 PM WIB
Singapore-listed oil, gas firm Ramba Energy Limited plans to raise S$3.18 million in funds to be used for its exploration blocks in Indonesia.
The funds will become available through the divestment of shares in Ramba?s Indonesian subsidiary PT Sugih Energy Tbk.
The funds raised from this divestment will be used for the Company?s exploration blocks, specifically the Lemang block located in South Sumatra.
In September 2010, Ramba acquired 55.2% ownership in Indonesia Stock Exchange-listed PT Sugih Energy Tbk through the acquisition of company shares.
Ramba plans to commence drilling of the Lemang block in Q1 2012, in which the company has 49 percent interest. (alex)