Verona, Ramba agree to extend W. Jambi block investment deal deadline

Singapore-listed Ramba Energy Limited through its wholly-owned unit Ramba Energy West Jambi Limited (REWJ) said on Wednesday that REWJ and proposed investment by Verona Capital Pty Ltd have agreed to a further extension of the deadline for signing of the Definitive Agreement to 18 July 2011.

The Board will continue to update the shareholders on further developments relating to the investment, the Definitive Agreement and REWJ?s activities at the West Jambi Block, it said.

The company refers to its announcement in relation to the Term Sheet between Verona and REWJ dated 18 May 2011.

Last week, REWJ has finalized and entered into a operation cooperation agreement (KSO) with PT Pertamina EP on oil and gas exploration and production activities in the West Jambi Block over a period of 20 years.

Under the deal, signed on June 13, 2011 REWJ will hold 100% working interest in the KSO. In October 2010, the company 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)