The Akatara-1 exploration well is targeted to spud down in August 2011. Drilling is expected to take approximately 30 days with testing to take an additional 14 days. The total budget for Akatara-1 is US$10 million.
An independent evaluation of prospective resources estimates at Akatara is being undertaken by Texas-based DeGolyer & MacNaughton, and is expected to be completed in April this year. According to their preliminary indication dated 14 March 2011, the preliminary potentially recoverable gross mean prospective resources not adjusted for the probability of geologic success (Pg) is estimated at 147.2 million barrels of oil. The Pg adjusted gross mean prospective resources for Akatara is estimated at 37.4 million barrels of oil, representing a prospect Pg of 25.4%.
The 4 closures at Akatara represent an area between 23 and 35 square kilometres. The Lemang block, located in the Jambi sub-basin of Sumatra, Indonesia, covers an area of 3,890 square kilometres. Ramba has a 41 per cent interest in Lemang.
CEO David Aditya Soeryadjaya commented, “We are very bullish on the Akatara prospect given the preliminary results received thus far and its near proximity to other discoveries. A Pg adjusted gross mean prospective resources estimate of 37.4 million barrels for one prospect is quite significant and could be a game changer for Ramba, especially considering that the block has altogether 6 ready to drill prospects and 21 leads.”
A total of 4 exploration wells, 500 km of 2D seismic, and 500 square-km of 3D seismic are to be delivered under the Lemang PSC, which is currently valid until 2037. The Lemang Block is bounded in the south by the PetroChina Jabung block, which produces 135 mmscfd (Upstream Online, 13 October 2009) and 58,000 bopd (The Jakarta Post, 3 May 2010). In October 2009, Ramba entered into a Technical Assistance Agreement with PetroChina Jabung, the operator of the Jabung block and subsidiary of China’s largest integrated oil and gas company, PetroChina, to tap existing infrastructure and technical expertise at the similar proximate concession.
Shareholders are advised to exercise caution when trading the Company’s shares. The exploration and production of oil and gas is a very risky undertaking. Shareholders are advised to read this announcement and any further announcements by the Company carefully. Shareholders should consult their stockbrokers, bank managers, solicitors or other professional advisors if they have any doubt about the actions they should take.
There is no certainty that any portion of the prospective resources estimates will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the prospective resources evaluated.
About Ramba Energy Limited
Ramba Energy Limited is an Oil & Gas Exploration and Production (E&P) Company focused on oil and natural gas interests in Indonesia. The Group holds a 41% interest in the Lemang oil and gas block in Sumatra and a 70% interest in the Jatirarangon gas block in West Java. On 8 October 2010, the Group won a bid for an Operation Cooperation Agreement offered by Pertamina to conduct oil and gas exploration activities in the West Jambi Block, Sumatra.
The Group continues to have its regional logistics business run by its wholly owned subsidiary, RichLand Logistics Services Pte Ltd. With humble beginnings as a single lorry operator providing point-to-point transportation services in 1992, RichLand Logistics Services Pte Ltd (RLS) provides supply chain services including inbound and outbound transportation activities, distribution management, seaport and airport cargo handling services, and chemical logistics solutions.
Previously known as RichLand Group Limited, the Company name was changed to Ramba Energy Limited in January 2009 to mark the Group’s expansion into the energy sector while retaining the provision of inland logistics services as a core business. For more info, please visit www.rambaenergy.com
About DeGolyer and MacNaughton
DeGolyer and MacNaughton is an international petroleum consulting firm with offices in the United States of America, Canada and Russia, who specialize in evaluation of reserves and resources for major oil and gas companies, government, financial institutions, the purposes of the investment industry which includes registrations and filings on the London Stock Exchange, Australian Stock Exchange, Hong Kong Stock Exchange and the United States Securities & Exchange Commission. DeGolyer and MacNaughton have conducted assessments of and for the largest petroleum and financial companies in the world. During seven decades, the firm has successfully performed studies on hundreds of thousands of petroleum properties in more than 100 countries.
Resources included in the report are classified as prospective resources and have been prepared in accordance with the PRMS approved in March 2007 by the Society of Petroleum Engineers, the World Petroleum Council, the American Association of Petroleum Geologists, and the Society of Petroleum Evaluation Engineers.
Issued by Racepoint Group on behalf of Ramba Energy Limited
For further info, please contact:
Ramba Energy Limited
Beike van der Broek
Daniel Jol +65-6223 8022
Racepoint Group (tel: 65-6222 2937)