Ramba Energy is pleased to announce that it had appointed Rothschild Indonesia and DMG & Partners Securities as joint advisers to conduct a strategic review of its interest in the Lemang Block, located in South Sumatra, Indonesia. The purpose of this strategic review is to enhance value for the Company and shareholders. Currently, Ramba holds a 51% working interest in the Lemang Block through Hexindo Gemilang Jaya, its local subsidiary.
Following a comprehensive strategic review and robust due diligence process (which are still ongoing), Ramba has received proposals from interested bidders for the acquisition of the minority interest in the Lemang Block. Ramba will continue to evaluate the proposals with the view of selecting the best bid which may eventually lead to the acquisition of the minority interest in Lemang Block.
The Company will make such further announcements to inform shareholders of any updates or developments.