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Ramba Energy responds to SGX queries on FY18 results

INDONESIA-FOCUSED oil & gas exploration and production company Ramba Energy on Wednesday responded to queries from the Singapore Exchange (SGX) on its unaudited financial results for FY18.

The company clarified that its increase in other receivables (current) was mainly due to increase in receivables from its joint venture partner of S$3.3 million, increase in sundry receivables of S$1.3 million and increase in deposits of S$4.4 million.

It also said that the decrease in other payables (current) was mainly due to lower cash calls advanced from a joint venture partner and that the increase in finance lease liabilities was due to acquiring of transport equipment for Indonesia's logistics segment.

The company was also asked to clarify why factors such as its revaluation of USD-denominated assets, expected indemnity from Eastwin and the 15 per cent farm-out of the participating interest of Lemang field resulted in decrease in oil and gas properties, increase in property, plant and equipment, and an increase in other receivables (non-current).

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Ramba Energy said that the decrease in oil & gas properties was mainly due to the 15 per cent farm-out of participating interest of Lemang field and offset by increase in exchange rate movement.

This farm-out refers to the transfer of Lemang field participating interest from Ramba Energy's 80.4 per cent subsidiary, PT Hexindo Gemilang Jaya, to Mandala Energy Lemang.

As the evaluation and exploration assets were denominated in USD, the increase was mainly due to exchange-rate movement, said the company.

It added that the increase in property, plant and equipment was mainly due to additions from logistics segment, while the increase in other receivables (non-current) was mainly expected indemnity from Eastwin for its SuperPower (SPE) legal case.

The indemnity documents were entered in 2011 following the transfer of the 49 per cent participating interest in Lemang PSC to Eastwin as a consequence of SPE's default under the 2009 Joint Operating Agreement.