Ramba: Co. announced that its first prospect to be drilled in the ‘Lemang block’ is the Akatara prospect, targeted to ‘spud in’ in Aug11. The total budget for Akatara-1 is US$10m. An independent evaluation of prospective resources estimates at Akatara is expected to be completed in Apr this yr. According to preliminary indication, the gross mean prospective resource is estimated at 147.2m/barrels of oil…..
CEO commented that grp is very bullish on the Akatara prospect given the preliminary results and could be a game changer for Ramba, especially considering that the block has altogether 6 ready to drill prospects and 21 leads…..
Shareholders are however advised to exercise caution when trading Co’s shares, as exploration and production of oil and gas are a very risky undertaking. There is no certainty that the prospective resources estimates will be discovered, or that it will be commercially viable.
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