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Ramba denies share sales

JAKARTA: Ramba Energy denied on Tuesday that it had sold its 70 percent share in the Jatirarangon block in Bekasi, West Java, saying that the company had not made any decision regarding offers from interested parties

The Jakarta Post
Wed, November 9, 2011

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Ramba denies share sales

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AKARTA: Ramba Energy denied on Tuesday that it had sold its 70 percent share in the Jatirarangon block in Bekasi, West Java, saying that the company had not made any decision regarding offers from interested parties.

The company’s non-executive chairman, Tan Chong Huat, said that while it had been approached by parties interested in its share, it had neither entered into any discussion nor accepted any offer or considered any proposal from any party. “The company will make further announcements to inform shareholders of any updates as and when it is necessary and appropriate,” he explained in a clarification statement.

As earlier reported, Petross Energy claimed that it had bought Ramba’s share in the Jatirarangon block. The company said that the signing of the conditional sales purchase agreement (CSPA) would be conducted in the second week of this month. The block produces 6.8 million standard cubic feet per day (mmscfd) and 80 barrels of oil per day (bpd).

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