Ramba Energy Limited, an oil and gas exploration and production company with interests in Indonesia,expects to raise S$3.18 million in funds to be used for the Company'sexploration blocks.

The funds will become available through the divestment of shares in Ramba's Indonesian subsidiary PT Sugih Energy Tbk. The divestment will be facilitated by PT Sinar Mas Securitas acting as the Placement Agent and Underwriter. The funds raised from this divestment will be used for the Company's exploration blocks, specifically the Lemang block located in South Sumatra, Indonesia.

Ramba CEO, Mr David Aditya Soeryadjaya, said, 'The divestment of Sugih Energy is part of Ramba's strategy to increase investment in exploration assets that demonstrate potential, specifically the Lemang block. We are very confident in our assets and our work program in moving forward in 2012.'

Tags: Ramba Energy Limited