Initiation: Indonesian explorer offers low-risk upside
Following significant exploration success, Ramba has built the beginnings of a substantial oil and gas company from its three Indonesian oil and gas licences: Lemang (51% WI), Jatirarangon (70% WI) and West Jambi (100% WI). The group’s near-term priority remains funding the development of its Akatara discovery within the Lemang licence, in addition to further exploration at West Jambi, where it has two material exploration prospects identified and ready to drill. We value the combined Ramba group at S$0.60/share (risked), with S$0.50/share attributed to Akatara alone. On this basis we see the group’s multiple exploration prospects and potential upside to resources at Akatara itself as underrepresented in the shares.Ramba Energy is an investment holding company. Co. is engaged in oil and gas exploration and production in Indonesia. It operates in four segments: oil and gas; logistics, which consists of transportation management and air cargo terminal handling services; rental, which relates to the property rental business, and corporate. Co. through its subsidiaires, holds a 70% interest in the Jatirarangon TAC block, located in West Java, Indonesia; a 100% interest in the West Jambi KSO block, located in Sumatra, Indonesia; and a 51% interest in the Lemang PSC block, also located in Sumatra, Indonesia. All of Co.'s assets are located in onshore regions on the Western Indonesian islands of Java.
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