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Ramba Energy Completes Farmout of Participating Interest in the Lemang PSC to Mandala Energy

Source: 6/13/2018, Location: Asia

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Ramba Energy has announced the approval from SKK Migas to the previously announced farmout of a 15% participating interest in the Lemang PSC to Mandala Energy has been obtained on 5 June 2018 and consequently all conditions to the farmout have been satisfied. The Lemang Block is locted in South Sumatra, Indonesia.

The participating interests of Hexindo, Mandala and Eastwin Global Investment in the Lemang PSC following the completion are 16%, 50%, and 34% respectively.

According to information on the Ramba Energy web site, the Lemang PSC was awarded the working contract area, in the northern most part of the hydrocarbon-rich South Sumatra basin, on 18 January 2007. A proven region for oil and gas production with transportation infrastructure already in proximity the block, approx. 300km from Singapore, is ideally situated for oil and gas distribution to regional markets.

In 2011, the block was estimated to hold prospective reserves of approx. 511 million barrels of oil (MMBO) and 468 billion cubic feet (BCF) of gas US$193.6 million (mean estimate, pre-drill) by DeGolyer and MacNaughton, a US-based petroleum consultancy.

Following reprocessing and interpretation of seismic data in 2011 and completion of civil works to access the area, exploration drilling commenced in 2012. Ramba heralded the Selong-1 discovery in December 2012 and continued successful exploration and appraisal of the field with success in both the Akatara-1 and Akatara-2 wells in May 2013 and February 2014 respectively.

In 2014, RISC conducted an independent evaluation of the development concept for the Lemang block’s Selong and Akatara structures. The Plan of Development (PoD) was submitted, with approval granted in August 2015.

In October 2015 it was announced that Mandala Energy, backed by leading global investment firm KKR, had acquired a 35% participating stake in the Lemang PSC. The deal was hailed not only as an opportunity for Ramba to realize value from its investment in Lemang, but to leverage the complementary skillsets that both companies have. Approval was granted in February 2016.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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