Ramba

Ramba: has discovered 222 ft of gross pay at the Lemang Block (51% working interest), located in Sumatra, Indonesia. Testing results from the Selong-1 exploration well – the first well drilled by Ramba at the Lemang Block – flowed up to 790 bpd of oil from a depth of ~5,380 ft in the Lower Talang Akar Formation and up to 16.8m std cubic ft per day (“MMSCFD”) at a depth of ~4,750 ft from the Upper Talang Akar Formation. The drilling of the Selong-1 well has been temporarily suspended as a discovery well on 27 Dec pending further field development. More tests and possibly additional zones may be tested in the future. Mgt notes the discovery marks a major milestone, and raises confidence in the commercial potential of the Selong and Akarata prospects and the overall potential of the Lemang Block. Ramba’s second scheduled exploration well is the Akatara-1 well, which the company plans to complete in early 2013. Excluding mobilization, drilling is expected to take ~26 days, with possibly an additional 25 days for testing and analysis. Separately, recall the co’s proposed renounceable underwritten 2-for-5 rights issue at $0.20 per rights share to raise ~$19.37m. Indicative timetable is as follows, - Shares trade ex-rights : 4 Jan 2013 , 9.00 am - Despatch of Offer Information Statement: 11 Jan 2013 - Commencement of trading of “nil-paid” rights: 11 Jan 2013 , 9.00 am - Last date and time for splitting rights: 21 Jan 2013 , 5.00 pm - Last date and time for acceptance and payment of Rights Shares: 25 Jan 2013 , 5.00 pm - Expected date for commencement of trading of Rights Shares: 4 Feb 2013