RH Petrogas Limited (SG:T13) has released an update.
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RH Petrogas Limited has announced that its subsidiary, Petrogas (Basin) Ltd., has been ordered by the Indonesian Supreme Court to pay approximately US$1.64 million in compensation for opportunity loss and return land related to a two-decade-old land acquisition dispute. The Group, which acquired interests in the expired project in 2010, indicates that the compensation will be shared among partners of the now-defunct project, and that the well in dispute is no longer in production. The company is considering its legal options and will update stakeholders as more information becomes available.
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