Sales Revenues Doubled, Ramba Energy Reports Loss

Resources

Saturday, 12 November 2011 09:50

Written by Ferdi Hasiman

Theindonesiatoday.com - Ramba Energy Limited, SGX-listed oil and gas firm controlled by Soeryadjaya family, reported total group revenue of S$25.8 million for Q3 2011, doubled from S$12.9 million in the same period of last year.

The increase is attributed to revenue from the provision of a one-off offshore marine logistics services project, as well as an increase in land transport service revenue from the Group’s logistics arm Richland Logistics Services Pte Ltd and higher oil and gas revenue.

An increase in operating expenses of S$12.6 million for the same quarter has resulted in a net loss after tax of S$725,000. This compares to a loss of S$597,000 for the same period last year.

"The current Q3 results are not reflective of the additional revenue generated from Ramba’s better-than-expected gas production at its Jatirarangon block in West Java, Indonesia. On 31 October 2011, the company announced that it successfully doubled gas production from the asset, and could potentially triple production by the end of 2011. The additional revenue from new sales gas is equal to approximately US$20,000 per day," Ramba said.

Ramba also announces that the Selong-1 exploration well, located in South Sumatra, Indonesia, will now be drilled in Q1 2012, rather than Q4 2011. The change in the drilling schedule is due to additional time required for the regulated tendering process for drilling. "The group is confident that it will commence exploration drilling operations in Q1 2012, as road access and well pad construction is already underway," the company continued.

The Group beneficially holds a 41% interest in the Lemang block in Sumatra, a 70% interest in the Jatirarangon block in West Java, and a 100% interest in the West Jambi block in Sumatra. (ferdi@theindonesiatoday.com)

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