Friday, February 18, 2011

Ramba Energy

Ramba Energy: Could see some positive interest, after announced that its subsidiary has been notified by PT Pertamina Exploration & Production that it has concluded a variation of the gas sale and purchase agreement with PT Perusahaan Gas Negara (Persero) dated 26 Jul04, which will result in a significant adjustment to the gas sale price from US$2.55/MMBTU to US$4.332/MMBTU; representing an increase of 69.9% in the gas sale price….

Subsidiary owns a 70% participating interest in, and is the operator of, a technical assistance contract covering the Jatirarangon Block, an oil and gas-producing field located in Cikarang, West Java, Indonesia. The new gas sale price will take effect from 1 April 2011 and it will be subject to an escalation rate of 3% p.a….

Shareholders are advised to exercise caution when trading Co’s shares. The exploration and production of oil and gas is a very risky undertaking. Technically see near term resistance at $0.50 followed by $0.525, with near term support at $0.45.

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