RAMBA ENERGY LIMITED (Incorporated in the Republic of Singapore) (Company Registration No.: R) ANNOUNCEMENT

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1 RAMBA ENERGY LIMITED (Incorporated in the Republic of Singapore) (Company Registration No.: R) ANNOUNCEMENT ACQUISITION OF 41% OF THE PARTICIPATING INTEREST IN THE LEMANG PRODUCTION SHARING CONTRACT 1. INTRODUCTION The Board of Directors of Ramba Energy Limited (the Company or Ramba and together with its subsidiaries, the Group ) is pleased to announce that Ramba has on 1 October 2009 entered into a conditional sale and purchase agreement (the Conditional Agreement ) with PT Indelberg Indonesia ( Seller ) to acquire all the Seller s participating interest amounting to 41% of the total participating interest ( Participating Interest ) of a production sharing contract entered into among the Seller, PT Hexindo Gemilang Jaya ( Hexindo ) and Executive Agency for Upstream Oil and Gas Activity; also known as Badan Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi ( BPMIGAS ), on 18 January 2007 (the PSC ) in respect of a certain oil and gas block known as the Lemang Block located in the Jambi and Riau Provinces of Sumatra, Indonesia (the Lemang Block ) for a total purchase consideration of US$7,000,000 (United State Dollars Seven Million) ( Purchase Consideration ) (the Acquisition ). BPMIGAS is the authority responsible for the supervision, regulation and control of upstream oil and gas business activities (which include exploration, development, investment and also operation) in Indonesia. 2. INFORMATION ON SELLER The Seller is a company established under the laws of the Republic of Indonesia, and is owned by the following shareholders : (a) PT Tesco International Capital 2% (b) PT Sarana Utama Makmur 98% 3. INFORMATION ON THE ACQUISITION 3.1 LEMANG BLOCK The Lemang Block is a green field exploration block and was awarded to Hexindo and the Seller through a direct tender with BPMIGAS in The PSC was subsequently executed by Hexindo, the Seller and BPMIGAS on 18 January The Lemang Block is approximately 3,890 km 2 in size and is located on-shore within Riau Province in South Sumatra, Indonesia.

2 The Lemang Block is located about 83 km northwest of Muarabungo Town between latitude S S and longitude E to E. The Lemang Block is part of the Jambi Sub-Basin which represents the northern flank of the South Sumatera Basin. It is bounded in the south by the Jabung Block which is producing and operated by PetroChina International (Jabung) Ltd. Other producing blocks in the vicinity include the Batu Gajah Block and the Tuba Obi Block. The PSC is for a term of 30 years commencing from 18 January Based on a report on the technical due diligence exercise undertaken by Hexindo and Bandung Institute of Technology (the Joint Study ), the Lemang Block is expected to have Original Oil in Place in the amount of million barrels of oil ( MMBO ) and Original Gas in Place in the amount of billion standard cubic feet ( BSCF ). 4. PRINCIPAL TERMS OF THE ACQUISITION 4.1 Purchase Consideration The Purchase Consideration was arrived at on an arm s length basis and on a willing buyer and willing seller basis, after taking into consideration, inter alia:- (a) (b) (c) (d) (e) the commercial benefit of the Acquisition; the current market price of oil; the length of the remaining term of the PSC; the potential production output of the Lemang Block; the production upside in the future. 4.2 Payment of Purchase Consideration Under the Conditional Agreement, the payment of the Purchase Consideration shall be made in the following tranches:- (i) (ii) US$ 6,000,000 (United States Dollars Six Million) shall be paid upon the Seller signing the assignment agreement transferring the rights and obligations of the Participating Interest to the Company s assigns or nominees; and The balance of US$ 1,000,000 (United States Dollars One Million) shall be paid within sixty (60) business days from the date of the said signing of the assignment agreement. The Purchase Consideration will be financed through internal cash resources.

3 4.3 Other Terms of the Conditional Agreement (a) (b) The Company s acquisition of the Participating Interest is subject to the approval of BPMIGAS, the terms set out in the Conditional Agreement and the PSC. To facilitate earlier completion of the Acquisition and to expedite production, the Company has the option to transfer or to cause the transfer of the Participating Interest from the Seller to the Company s assigns or nominees. 5. RATIONALE FOR AND BENEFITS OF THE ACQUISITION The Company made the Acquisition to gain access to a green field of significant size and considerable upside potential, located in one of the world s most prolific oil and gas basins. In particular, the Acquisition fits perfectly with the Company s strategy to be a frontrunner in the oil and gas industry. The Company believes that the Acquisition will offer considerable shareholder value through the Company s involvement with Hexindo and/or other reputable players in the industry, which have experience and track record in exploration and production of oil and gas. If successful, production output can be exported to the world market and also to serve domestic demand, generating significant cash flows for the benefit of the Company. Part of the Company s strategy when acquiring the Participating Interest in the Lemang Block is to look for opportunities to work closely with bigger players in the industry to share risk and to gain access to resources and other expertise. It is anticipated that the Acquisition will serve to further anchor the Company's operations in the Southeast Asia region and will be complementary to the Jatirarangon gas field being acquired by the Company in September 2009, enabling synergies in the operation of these assets, including without limitation, the sharing of key technical specialists and other resources. 6. DISCLOSEABLE TRANSACTION UNDER CHAPTER 10 OF THE LISTING MANUAL For the purposes of Chapter 10 of the Listing Manual, the relative figures for the Acquisition using the applicable bases of comparison set out in Rule 1006 of the Listing Manual based on the latest consolidated unaudited financial statements of the Group for the half year ended 30 June 2009 are set out below: Rule 1006(a) As at 30 June 2009 Net asset value of the assets to be disposed of, compared to the Group s net asset value Rule 1006(b) Net profits attributable to the Acquisition (S$ 000) Not Applicable Half Year Ended 30 June 2009 Not Applicable Net loss of the Group (S$ 000) (253) Size of relative figure Not Applicable

4 Rule 1006(c) Aggregate amount of consideration for the Acquisition (S$ million) 9.94 (1) Market capitalisation (2) of the Company as at 30 September 2009 (being the market day immediately preceding the date of the Conditional Agreement) (S$ million) Size of relative figure 12.71% Rule 1006(d) Number of equity securities to be issued by the Company as consideration for the Acquisition compared with the number of equity securities previously in issue Number of equity securities previously in issue as at 30 September 2009 Size of relative figure Note:- (1) Total consideration of US$7,000,000. Based on exchange rate US$1 = S$ , 850,250 Not Applicable (2) The market capitalisation of the Company is based on 142,850,250 ordinary shares in issue (excluding treasury shares) as at 30 September 2009 (being the market day immediately preceding the date of the Conditional Agreement) and the volume weighted average price of the shares of approximately S$ per share transacted on the SGX-ST on 30 September 2009, being the trading day prior to the date of the Conditional Agreement. As the relative figures under Rule 1006(c) does not exceed 20%, the Association constitutes a Discloseable Transaction as defined in Chapter 10 of the Listing Manual. Accordingly, shareholders approval for the Acquisition is not required. The results of the Joint Study was based on the evaluation of 2D seismic data, well data, and other existing reports and literature. Subject to the limitations set out in paragraph 10 below, the Joint Study concluded that the Lemang Block holds viable exploration potential. Based on the leads ascertained by the Joint Study, the expected economic value ( EV ) of the Lemang Block is calculated as follows: Note :- RHR means Recoverable Hydrocarbon Resources ESV means Expected Success Value PG means Probability of Geologic Success MOC means Minimum Operating Cost. EV = (RHR X ESV X PG) MOC In the Joint Study, the values provided are as follows: (a) For Oil: RHR = MMBO ESV = US$10 million/mmbo PG = 9.121% MOC = US$1 million (b) For Gas: RHR = BSCF ESV = US$1 million/bscf PG = 9.121% MOC = US$1 million

5 Based on the calculation set out in the Joint Study, the EV is approximately US$ million for oil and US$ million for gas. 7. FINANCIAL EFFECTS OF THE ACQUISITION The financial effects of the Acquisition on the share capital, net tangible assets, earnings per share and gearing of the Group in respect of the financial year ended 31 December 2008 ( FY2008 ) have been prepared based on the following assumptions: (a) (b) (c) (d) (e) (f) (g) (h) The financial effects of the Acquisition are based on the terms of the Acquisition as at the date of this announcement (in particular, the Purchase Consideration being US$7,000,000); The financial effects of the Acquisition are purely for illustrative purposes and should not be taken as an indication of the actual financial performance of the Group following the Acquisition nor a projection of the future financial performance or position of the Group after the completion of the Acquisition; The financial effects of the Acquisition are based on the Group s audited financial statements for FY2008; No adjustments have been made to align any differences that may result from the adoption of different accounting standards and policies by the Group; The carrying value of the net assets being acquired has been assumed to approximate fair value. In addition, no impairment assessment of any resultant goodwill has been performed. As the final goodwill has to be determined upon the completion of the Acquisition, the actual goodwill could be materially different from this assumption. Any goodwill arising thereon from the Acquisition will be accounted for in accordance with the accounting policies of the Group and assessed for impairment as appropriate; For the purpose of computing the net tangible assets and gearing of the Group after the Acquisition, it is assumed that the Acquisition was completed on 31 December 2008; As the Participating Interest to be acquired is at the exploration stage, there are no profits attributed to this Participating Interest. For the purpose of computing the net profit attributable to shareholders and basic earnings per share of the Group after the Acquisition, it is assumed that the Acquisition was completed on 1 January 2008; and The Purchase Consideration to be satisfied in cash amounting to US$7,000,000 is financed entirely from internal cash resources.

6 7.1 Effect on share capital The Acquisition will not have an impact on the share capital of the Group as the Purchase Consideration is to be satisfied fully in cash. The pro forma financial effects on the issued and the paid-up share capital of the Group are as follows: Share Capital No of Shares ( 000) S$ 000 Issued and paid-up share capital as at the date of this announcement (excluding 142,850 15,548 treasury shares) Add: Newly issued ordinary shares Nil Nil Enlarged issued and paid-up share capital upon completion of the Acquisition Nil Nil 7.2 Net tangible assets ( NTA ) As at 31 December 2008 Before the Acquisition After the Acquisition NTA (S$ 000) 19,513 19,513 Number of shares ( 000) 126, ,521 NTA per share (Singapore cents) Earnings per share ( EPS ) FY2008 Before the Acquisition After the Acquisition Net profit/(loss) attributable to shareholders (S$ 000) Weighted average number of 126, ,549 shares used in the computation of basic EPS ( 000) Basic EPS (Singapore cents) (1) Note:- (1) Basic EPS is computed based on the weighted average number of shares for the full financial year. 7.4 Gearing As at 31 December 2008 Before the After the Acquisition Acquisition Total Borrowings (1) (S$ 000) Shareholders Funds (2) (S$ 000) 19,654 19,654 Gearing Ratio (3) (times) Note:- (1) Total Borrowings refers to borrowings from financial institutions of the Group, including bank overdrafts, lease liabilities and term loans but excludes contingent liabilities.

7 (2) Shareholders Funds are represented by the aggregate of the issued and paid-up share capital and reserves of the Group. (3) Gearing Ratio is computed by dividing the total borrowings with the Shareholders Funds. 8. INTERESTS OF DIRECTORS AND CONTROLLING SHAREHOLDER To the best of the Company s knowledge, none of the directors or the controlling shareholders of the Company has any interest, direct or indirect in the Acquisition. 9. DOCUMENTS FOR INSPECTION A copy of the Conditional Agreement and all other ancillary agreements relating to the Acquisition are available for inspection during normal business hours from 9.00 a.m. to 5.00 p.m. at the registered office of the Company at 29B Club Street, Singapore for a period of three months from the date of this announcement. 10. CAUTION IN TRADING Shareholders are advised to exercise caution in trading the Company s shares. Although the Joint Study revealed that (a) the technical evaluation of the Lemang Block indicated that sufficient conditions necessary for the generation and accumulation of hydrocarbons are in evidence; and (b) units of adequate reservoir quality have been encountered within the block, the major element of risk lies in the inability of the Joint Study to ascertain if sufficient volume of hydrocarbons exists to constitute reserves necessary for a successful venture. The Joint Study is based on limited geological information and low-resolution seismic data and was conducted as part of the activity during the tender process prior to the PSC being awarded. No further studies have been conducted by Hexindo and/or the Seller on the Lemang Block since then. As such, the prospect evaluation of the Lemang Block as set out in the Joint Study is inconclusive. There is no certainty or assurance as at the date of this announcement that the Acquisition will be completed, or that the potential yield of oil and gas from the total potential reserves in the Lemang Block will be realized. Further, the statements made in Paragraph 3 of this announcement are not guarantees of future performance. Rather, they are based on current views and assumptions, and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of the Company and are difficult to predict, that may cause actual results to differ materially from any future results or developments expressed or implied from the forward-looking statements. No statement in this announcement is intended to be a profit forecast or to imply that the earnings of the Company for the current or future years will necessarily match or exceed the historical or published earnings of the Company. The Company will make the necessary announcements when there are further developments on the Acquisition or arising from the Acquisition.

8 Shareholders are advised to read this announcement and any further announcements by the Company carefully. Shareholders should consult their stock brokers, bank managers, solicitors or other professional advisors if they have any doubt about the actions they should take. By Order of the Board of RAMBA ENERGY LIMITED ADITYA WISNUWARDANA SEKY SOERYADJAYA Chief Executive Officer and Executive Director 6 October 2009

PRE-CONDITIONAL PARTIAL OFFER PRIMEPARTNERS CORPORATE FINANCE PTE. LTD. SUGIH ENERGY PTE. LTD. PT SUGIH ENERGY TBK RAMBA ENERGY LIMITED

PRE-CONDITIONAL PARTIAL OFFER by PRIMEPARTNERS CORPORATE FINANCE PTE. LTD. (Company Registration No. 200207389D) for and on behalf of SUGIH ENERGY PTE. LTD. (Company Registration No. 201320106K) a direct