Ramba to start drilling of Selong-1 well in Q1 2012

Singapore-listed Ramba Energy Limited said it will start the drilling of Selong-1 exploration well, located in South Sumatera, in first quarter 2011 instead of fourth quarter as planned initially.

The change in the drilling schedule is due to additional time required for the regulated tendering process for drilling.

The company said it is confident that it will commence exploration drilling operations in Q1 2012, as road access and well pad construction is already underway.

Ramba Energy also reported total group revenue of S$25.8 million for the third quarter of 2011, up from S$12.9 million for the same period the previous year, an increase of 100 percent.

?The current Q3 results are not reflective of the additional revenue generated from Ramba?s better-than-expected gas production at its Jatirarangon block in West Java,? it said.

On 31 October 2011, the company announced that it successfully doubled gas production from the asset, and could potentially triple production by the end of 2011. The additional revenue from new sales gas is equal to approximately US$20,000 per day.

?We are pleased with Ramba?s progress as our business continues to evolve. Our increase in revenue sends a positive signal that our growth strategy is sound and affirms our belief in the potential of our oil and gas business,? CEO of Ramba Energy, David Aditya Soeryadjaya, said.

?Ramba is still in its investment phase, as the company is focused on oil and gas exploration and production activities that have potential high returns. The development of our oil and gas assets ? specifically the increase in gas production from our West Java asset ? will soon contribute to the group?s financials,? Aditya said. (romel/roffie)