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.
