Oilfields development
Ramba Energy Makes Surprise Oil Discovery at Jatirarangon Gas Field
SGX mainboard-listed company, Ramba Energy Limited (“Ramba”) announces the discovery of oil during the JRR-3 ST workover at the Jatirarangon gas producing field (“Jati Block”) in Cikarang, West Java, Indonesia.
Oil was discovered from the Baturaja Limestone Formation (“Baturaja”). Current flow rate from the well tested at 90 barrels of oil per day (bopd) and 0.5 million standard cubic feet per day (mmscfd) of gas.
“This is an unexpected surprise and we are delighted with this find. The presence of oil may potentially change the economics of the Jatirarangon block” said Daniel Jol, Commercial Director, Ramba Energy.
Although initial testing has been completed, further in-depth geological, geophysical and reservoir studies, seismic acquisition, as well as a well-intervention program, are being considered before the true potential of the discovery can be determined. These studies will be carried out in consultation with Indonesian state oil and gas company, Pertamina.
Among the key objectives of the workover which began December 2010 had been to perforate the gas prospective zones at Baturaja, Cibulakan and Cisubuh zones. Owing to the oil discovery, the Company has decided to forgo the perforation of the Cibulakan and Cisubuh zones in the JRR-3 ST well. Prior to the workover, JRR-3 ST had been shut-in.
The discovery of the oil reservoir was made by Ramba’s wholly-owned subsidiary, Ellipse Energy Jatirarangon Wahana Ltd (“EEJW”) during workover activities being carried out by EEJW. EEJW operates the Jatirarangon block and holds a 70 percent working interest with the other 30 percent working interest owned by PT Wahana Sad Karya as a non-operator. Existing rights to explore and produce oil and gas at the Jati field expire in May 2020. Jati block has been in commercial gas production since October 2004 and currently supplies gas to PT Perusahaan Gas Negara under a contract till 2014.
About Ramba Energy Limited
Ramba Energy Limited is an Oil & Gas Exploration and Production (E&P) Company focused on oil and natural gas interests in Indonesia. The Group holds a 41% interest in the Lemang oil and gas block in Sumatra and a 70% interest in the Jatirarangon gas block in West Java. On 8 October 2010, the Group won a bid for an Operation Cooperation Agreement offered by Pertamina to conduct oil and gas exploration activities in the West Jambi Block, Sumatra.
The Group continues to have its regional logistics business run by its wholly-owned subsidiary, RichLand Logistics Services Pte Ltd. With humble beginnings as a single lorry operator providing point-to-point transportation services in 1992, RichLand Logistics Services Pte Ltd (RLS) provides supply chain services including inbound and outbound transportation activities, distribution management, seaport and airport cargo handling services, and chemical logistics solutions.
Previously known as RichLand Group Limited, the Company name was changed to Ramba Energy Limited in January 2009 to mark the Group’s expansion into the energy sector while retaining the provision of inland logistics services as a core business.
