The Board of Directors of Ramba Energy Limited is pleased to announce that the Company has successfully drilled the Akatara-2 appraisal well to a total depth of 7,090 feet MD (6288’ TVD), and has temporarily suspended the Akatara-2 appraisal well on 3 August 2013 at 12:00 AM as a potential oil and gas discovery.
Well logs confirmed the presence of hydrocarbons down-dip of the Akatara-1 discovery well in the Selong - Akatara cluster, and reinforces the Company’s understanding of the subsurface configuration and its play concept of the Lemang block. The Akatara-2 appraisal well encountered 20 potential reservoir layers (total sand thickness in excess of 1700 feet and a Net to Gross Ratio of 35%), with approximately 800 feet of hydrocarbon column, which includes hydrocarbon shows in the Crystalline Basement. Due to the availability of the existing rig on site, and for cost optimization, Drill Stem Tests was not performed.
The Company will make preparation to mobilize a smaller rig for a full comprehensive Extended Well Testing on the Akatara-2 appraisal well and the remaining potential reservoir layers on the Akatara-1 well and Selong-1 discovery wells.
Following the full comprehensive Extended Well Testing program, the Company shall begin preliminary discussions with the relevant authorities for a potential immediate field development.
Ramba through its local subsidiary, PT Hexindo Gemilang Jaya holds a 51 percent working interest in the Lemang block.
Oil and gas exploration is an expensive, high-risk operation. Shareholders are therefore asked to exercise caution when dealing in shares of the Company, and should consult their legal, financial tax and other professional advisers if they have any doubt as to the action to take.
The Company will make such further announcements to inform shareholders of any updates or developments at the Lemang block.
