Ramba

Ramba: Counter on the move again today with high volumes after 6 weeks of diminishing volumes, perhaps indicating the lack of real sellers on the market. Recall yesterday's posting that the company is currently undergoing the following developments currently: 1) Exploration drilling at the Lemang Block which commenced 12 Jun, with an estimated completion ~26 days; 2) Development drilling at the Jatirarangon Block which commenced 5 Jul, with an estimated 15 days of drilling, and an additional 10 days for completion and testing; In addition, Ramba disclosed in early Jun that the controlling Soeryadjaya family has been in preliminary discussions with a potential buyer for their stake, which could lead to a voluntary conditional cash partial offer at an indicative offer price of $0.60-0.70. There has been no further updates since then.