Ramba, Verona close deal on W. Jambi block

Singapore-listed oil, gas firm Ramba Energy Limited said on Tuesday that it has completed deal with Perth-based private capital group, Verona Capital Pty Ltd over the planned investment in West Jambi block onshore Jambi.

Under the deal, Verona or its nominee will invest at least US$8.1 million for exploration and production activities by Ramba?s wholly-owned subsidiary Ramba Energy West Jambi Limited (REWJ) in the West Jambi Block.

Ramba did not disclose what Verona will get from the deal, but said that upon completion of the Firm Commitment, the parties will enter into further agreements in accordance with the terms of the Investment Agreement.

REWJ has been granted right (KSO) by Pertamina EP, a unit of state oil, gas company PT Pertamina (Persero) to explore and produce oil and gas in the block for 20 years.

In October 2010, Ramba reported that preliminary technical studies based on geological and available seismic data indicated the presence of five leads within the West Jambi Block with total estimated Original Gas in Place of approximately 4.1 trillion cubic feet. (romel)