SINGAPORE (Yosefardi) – Ramba Energy Ltd, controlled by Soeryadjaya family, has appointed PT Rothcshild Indonesia and DMG & Partners Securities Pte Ltd as joint advisors to conduct a strategic review of the Lemang block, Indonesia.
“With a view to enhance value for the company and shareholders,” argued Tan Chong Huat, non-executive chairman of Ramba Energy Ltd, about the strategic review.
Ramba Energy holds a 51% working interest in Lemang block through its subsidiary PT Hexindo Gemilang Jaya.
Ramba’s stake in the block was recently valued at US$193.6 million by DeGoyler and MacNaughton, a US-based petroleum consultancy.
Ramba had earlier announced a discovery at the Selong-1 well, the first exploration well in the block. It encountered 222 gross feet of pay, with results flowing up to 790 barrels of oil per day and up to 16.8 MMSCFD of gas.