Ramba

Ramba: Announced that drilling at its Akatara-1 well at the Lemang block has been completed, with 15 potential reservoir layers with approximately 274 ft of gross pay. Test results revealed 11m Standard Cubic Feet Per Day (“MMSCFD”) of gas and 380 Barrels of Condensate Per Day (“BCPD”) with 60° API gravity from the primary reservoir. As compared to its previous finding at the Selong-1 well (also located at the Lemang block), the 222 ft of gross pay reported test results of 16.8m mmscfd of gas, and a production of 790 barrels of oil/day. Compared to the discovery at Akatara-1, gas production per day was approximately 53% more than the Akatara-1 well and there was no mention of oil production at the Akatara-1 well. Operations have halted following its oil and gas discovery at the Akatara-1 well, pending approval with relevant authorities for immediate field development. Further preparations will also be made for the Akatara-2 appraisal well, with drilling and testing to take 26 and 28 days respectively.