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Ramba Energy raises S$11.3m from cash call

Bulk of proceeds will go to field development that is key to it becoming an O&G play

Published Fri, Sep 16, 2016 · 09:50 PM

Singapore

MAINBOARD-LISTED Ramba Energy expects to pump the bulk of the S$11.3 million proceeds from a recently completed rights- cum-warrants issue into a planned field development in Indonesia that will transform the group into a majority oil and gas (O&G) play.

Ramba Energy's chief executive, David Soeryadjaya, acknowledged in an interview with The Business Times that it was tough going conducting the rights- cum-warrants issue against a prolonged low oil price environment.