JAKARTA (rambuenergy.com) – Ramba Energy Limited, an oil and gas company listed on the Singapore Stock Exchange, said it has agreed to extend the three-momth exclusivity period until Jan. 31, 2015 to complete the purchase of 25 percent stakes in Lemang production sharing contractor (PSC).
Ramba Energy owns Lemang block through its Indonesian subsidiary PT Hexindo Gemilang Jaya. Lemang oil and gas block is located in the Riau and Jambi provinces of South Sumatera.
On Sep 21, 2014, Ramba signed a bidning letter of offer with Risco Energy Investments Holding Pte ltd (REI) for REI to acquire a 25 percent direct working interest in the Lemang PSC.
“If the parties are unable to complete their negotiations by Jan. 31, 2015, the exclusivity period shall expire and Ramba shall, after Jan. 31, 2015, be entiled to approach and negotiate the proposed sale of the 25-percent working interest in the Lemang Block wih any other party,” Ramba Energy Non-Excutive Chairman Tan Chong Huat said in a statement. (*)