SINGAPORE: Catalist-listed GSS Energy said hwere the other day that it has entered into an investment agreement with mainboard-listed Ramba Energy to place a US$5 million investment to participate in Ramba’s exploration programme at the West Jambi block in Sumatra, Indonesia.
Two onshore wells in this block are expected to be drilled commencing in the second half of this year.
RISC Operations Pty Ltd, an international petroleum consultancy company has reviewed 9 prospects and 8 lead wells at the West Jambi block and has identified approximately 426 million barrels of un-risked gross prospective potential oil equivalent and risked gross prospective oil potential of 83 million barrels.
GSS Energy said its investment and its participation in Ramba’s exploration programme represents a strategic geographic expansion from its Central and East Java operations into Sumatra through the West Jambi block, which will enhance its overall growth potential.
