Ramba Energy has proposed to farm out a 25% working interest in the Lemang production sharing contract (PSC) to an undisclosed "strategic partner" (farm-in partner) for up to US$128.25 million ($182.6 million).
The Indonesia-based oil and gas firm intends to farm-out the Lemang PSC from its 80.4% owned Indonesian subsidiary, PT Hexindo Gemilang Jaya, following a memorandum of understanding (MoU) entered with the farm-in partner on Monday.
Ramba says it will disclose the identity of the "strategic partner" once the definitive agreements are signed on or before Sept 25, 2015.
The proposed transaction is subject to "confirmatory due diligence" to be undertaken by the farm-in partner.
Under the MoU, an upfront cash payment of about US$18.8 million shall be payable once the proposed transaction has been completed. The remaining cash payments shall be payable when certain agreed "milestones" have been achieved.
Ramba says it will make further announcements of any updates or developments.
Shares in Ramba last traded at 20.5 cents on Sept 1.
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The Indonesia-based oil and gas firm intends to farm-out the Lemang PSC from its 80.4% owned Indonesian subsidiary, PT Hexindo Gemilang Jaya, following a memorandum of understanding (MoU) entered with the farm-in partner on Monday.
Ramba says it will disclose the identity of the "strategic partner" once the definitive agreements are signed on or before Sept 25, 2015.
The proposed transaction is subject to "confirmatory due diligence" to be undertaken by the farm-in partner.
Under the MoU, an upfront cash payment of about US$18.8 million shall be payable once the proposed transaction has been completed. The remaining cash payments shall be payable when certain agreed "milestones" have been achieved.
Ramba says it will make further announcements of any updates or developments.
Shares in Ramba last traded at 20.5 cents on Sept 1.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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