Ramba to sell stake in Lemang PSC in Sumatra to Risco for $157.5M

Ramba Energy Ltd.

Ramba Energy Ltd.’s board has signed a binding letter of offer with Risco Energy Investments Holding Pte. Ltd. (REI) to acquiare a 25% direct working interest in the Lemang production sharing contract (PSC) from Ramba’s Indonesian subsidiary, PT Hexindo Gemilang Jaya. The Lemang Block is located in the Riau and Jambi provinces of South Sumatra, Indonesia.

Under the terms of the offer letter, REI will pay a structured cash consideration of up to $157.5 million for the direct purchase of a 25% direct working interest in the Lemang PSC on a cash-free, debt-free equivalent basis, based on an effective date of Jan. 1.

 

 

 

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