Ramba Energy Acquires 41% of the Lemang Block
Source: www.gulfoilandgas.com 10/8/2009, Location: Asia
The board of director of Ramba Energy Limited is pleased to announce that Ramb has on 1 October 2009 entered into a conditional sale and purchase agreement with PT Indelberg Indonesia to acquire 41% of the Lemang oil and gas block located in Jambi and Riau in provinces of Sumatra, Indonesia for a total purchase of consideration US$7 million.
Lemang Block is a greenfield exploration block and was awarded to Hexindo and the seller through the direct tender with BPMIGASin 2006. The PSC is for a 30-year term and began in January 2007. The Lemang block is approx. 3890km2 in size and is located onshore within Riau Province in South Sumatra, Indonesia.
