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The latest update is out from RH Petrogas Limited ( (SG:T13) ).
RH Petrogas has completed drilling of the Karim-1 exploration well in the onshore Kepala Burung production sharing contract in Southwest Papua, Indonesia, but the primary target Middle Miocene Kais limestone reservoir was found to be water-bearing and the well will be permanently plugged and abandoned. While the company will expense its estimated US$4.7 million net cost for the well in the 2025 financial year, it says hydrocarbon indications in the secondary Klaili Limestone provide useful geological data to refine future exploration in the Arar area, and it plans to redeploy the rig to drill the Northwest Klagagi-1 exploration well in the coming weeks, underscoring both the risks of frontier exploration and its continued commitment to growing its Indonesian upstream portfolio.
More about RH Petrogas Limited
RH Petrogas Limited is a Singapore-headquartered, independent upstream oil and gas company listed on the mainboard of the Singapore Stock Exchange. The group is engaged in the exploration, development and production of oil and gas resources, with a geographic focus on the ASEAN region and a current portfolio that includes two producing assets in Indonesia, as part of a recently renewed and revamped asset base.
Average Trading Volume: 1,135,082
Technical Sentiment Signal: Strong Sell
Current Market Cap: S$129.6M
See more data about T13 stock on TipRanks’ Stock Analysis page.