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Ramba Energy

Termination of coverage

Termination | Oil & Gas | 05 Apr 2016

Edison Investment Research is terminating coverage on Ramba Energy Limited (R14). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Ramba Energy

Lemang farm-out completes

Update | Oil & Gas | 03 Mar 2016

Ramba subsidiary Hexindo (80% Ramba) has completed the farm-out of a net 20% interest in its Akatara block, which contains the Lemang PSC, to KKR-backed Mandala Energy. In addition to US$15m of cash payments and some back-costs, the deal could also net Hexindo an additional US$87.6m in bonus payments and carries, largely subject to production and reserves updates. We believe this is an excellent result for Ramba and its investors, especially given the company has closed the deal in turbulent market conditions. In addition to Lemang, Ramba is currently drilling two exploration wells on its West Jambi block, with results expected in Q116.

Ramba Energy

Astute deal gives key project a path to production

Outlook | Oil & Gas | 07 Dec 2015

Ramba has had considerable success since we initiated coverage in September 2014. After executing two successful share placings amidst a difficult equity market for oil and gas in May 2015, the group received development approval for its key asset; Akatara, in the Lemang block. Consequently, Ramba was able to farm out a 20% working interest in the Lemang block to well-funded Mandala Energy, subject to completion and approval, securing the cash required to fund its part in the development. In addition, the Mandala deal secures financial leverage for Ramba to any reserves growth at Akatara and gives it a financial carry of up to $1.6m per well in up to three exploration wells in the block.

Ramba Energy

Indonesian explorer offers low-risk upside

Initiation | Oil & Gas | 02 Sep 2014

Following significant exploration success, Ramba has built the beginnings of a substantial oil and gas company from its three Indonesian oil and gas licences: Lemang (51% WI), Jatirarangon (70% WI) and West Jambi (100% WI). The group's near-term priority remains funding the development of its Akatara discovery within the Lemang licence, in addition to further exploration at West Jambi, where it has two material exploration prospects identified and ready to drill. We value the combined Ramba group at S$0.60/share (risked), with S$0.50/share attributed to Akatara alone. On this basis we see the group's multiple exploration prospects and potential upside to resources at Akatara itself as underrepresented in the shares.

Ramba Energy

Indonesian success offers partner potential

QuickView | Oil & Gas | 13 May 2014

Ramba Energy represents the beginnings of a balanced oil & gas portfolio in our view, with the group holding exploration, development and production assets under three onshore licences in Indonesia (Lemang, Jatirarangon and West Jambi). Independent assessment suggests upside from further appraisal at Lemang, with material exploration potential at both Lemang and West Jambi. The parallel development of these opportunities offers significant upside for both Ramba shareholders and incoming partners alike.