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Ramba Energy in talks for potential investment into drilling operations and a farm-out
RAMBA Energy said on Wednesday that it is in talks "with a party" for a potential investment into its drilling operations at its West Jambi block in Sumatra, Indonesia.
Its board is also in discussions with other parties for a potential farming-out of part of its working interest in the Lemang production sharing contract, held via its Indonesian subsidiary PT Hexindo Gemilang Jaya.
Ramba said the discussions remain ongoing and no binding agreement has been reached.
"As such, there is no assurance that any transaction will actually materialize," it said in response to a query by Singapore Exchange on the trading of its shares on Tuesday.
On Tuesday, Ramba shares surged to S$0.42 each, from S$0.37; up more than 13 per cent from Monday's close. The typically thinly traded shares saw more than 22 million shares changed hands.