Singapore-listed Ramba Energy Limited, an oil and gas exploration and production company, reported that 1Q 2011 revenue grew by 17.7% to S$13.4 million, compared with S$11.4 million in the same period last year.
Announcing its first set of results on a quarterly basis, Ramba Energy noted that the 1Q revenue increase of S$2.0 million was due primarily to gas production and sales from its Jatirarangon producing block which contributed 65% or S$1.3 million, with the logistics business segment accounting for the remaining 35% of the year-on-year investment or S$600,000.
“We are optimistic when looking forward to the remainder of 2011, specifically when we look at production from our Jatirarangon block and continued exploration in our Lemang block. We also expect growth from our logistics business, which was impacted in 1Q by cyclical factors that are common in the industry, as well as increases in fuel and labor costs, said David Soeryadjaya, CEO of Ramba Energy, in a press statement, filed to Singapore exchange.
During the quarter, Ramba Energy incurred a net loss attributable to shareholders of S$2.6 million, compared to a profit of S$3.2 million in the same quarter last year.
This was due to a near doubling in total cost and operating expenses from S$8.2 million previously to S$16.1 million. The increase of S$7.9 million in 1Q was attributed to several factors, mainly additional headcount required for continued oil and gas exploratory operations, higher manpower costs, and professional fees incurred and higher operating costs relating to the acquisition of Ramba Energy Jatirarangon Limited (REJ).
REJ was previously known as Ellipse Energy Jatirarangon Wahana and holds 70% interest in the Jatirarangon
Ramba Energy Limited is an oil & gas exploration and production (E&P) company focused on oil and natural gas interests in Indonesia. The company holds a 41% interest in the Lemang oil and gas block in Sumatra and a 70% interest in the Jatirarangon gas block in West Java.
On 8 October 2010, Ramba won a bid for an operation cooperation agreement from Pertamina to conduct oil and gas exploration activities in the West Jambi Block, Sumatra.
Disclosure: No position at the stock mentioned above.
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