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GSS invests US$5m to join Ramba's Sumatra exploration plan
SINGAPORE-LISTED GSS Energy said on Tuesday it has invested US$5 million into Ramba Energy to participate in the latter's exploration programme at the West Jambi block in Sumatra, Indonesia.
This represents an expansion of GSS's existing operations in Central & East Java into Sumatra, which will enhance the group's overall growth potential, said GSS in an announcement.
Two onshore wells in the West Jambi block are expected to be drilled from the second half of this year.
The block is found to have approximately 426 million barrels of un-risked gross prospective potential oil equivalent (mmboe) and risked gross prospective oil potential of 83 mmboe, according to a review by international petroleum consultancy company RISC Operations.
Said GSS Energy CEO Sydney Yeung: "As the largest economy in South-east Asia, Indonesia's continued growth is dependent on access to energy, specifically oil and gas. GSS Energy is committed to strategically investing in the near-production or producing oil and gas sector across the country."