Ramba Energy Farms Out 25% Working Interest In Lemang Production Sharing Contract

Ramba Energy announced entering into a memorandum of understanding with a strategic investor to farm-out 25 percent working interest in the Lemang production sharing contract from the group’s 80.4 percent-owned Indonesian subsidiary, PT Hexindo Gemilang Jaya.

Under the agreement, the aggregate consideration for the proposed transaction is up to US$128.3 million, consisting of an upfront cash payment of approximately US$18.8 million, payable on completion of the transaction following satisfaction of certain regulatory and other conditions, with the remaining cash payments payable upon achieving certain agreed milestones.

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