Ramba Energy surges to record high
Shares of Ramba Energy rose for the third straight session on Monday after it appointed advisers for a strategic review of its oil and gas block in Sumatra, Indonesia.
Ramba shares surged as much as 29 percent to S$0.78 with more than 140 million shares traded, 17.5 times the average full-day volume over the past 30 days.
It was the top traded stock by value and volume in Singapore on Monday.
A surge in the price and volume last week led the Singapore Exchange to query the company, but Ramba said it was not aware of any reason behind the sharp rise.
Ramba said in a statement on May 25 it had appointed PT Rothschild Indonesia and DMG & Partners Securities Pte Ltd as joint advisers to conduct a review of its Lemang Block 'with a view to enhancing value for the company and shareholders'.
Ramba holds a 51 percent working interest in the block through its Indonesian subsidiary, PT Hexindo Gemilang Jaya.
The company also said in a separate statement that it may add another producing zone in its Jatirarangon Block in Java.
http://www.energy-pedia.com/
(energy-pedia news, 4 June 2013)
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