- RH PetroGas (RHP, SGX:T13) has a solid track record of operating its two mature oil fields onshore Indonesia, and with three potentially high-impact wells to be drilled in 3Q23, we initiate coverage with a BUY rating and a target price of S$0.255.
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RH Petrogas – An oil & gas company focused on Indonesia.
- Over the past five years, RH PetroGas has rationalised its business by selling off two assets – a high-cost oil production asset in China and an exploration asset in Malaysia. As a result, it currently has only two producing assets in Indonesia: the Kepala Burung Production Sharing Contract (PSC) and the Salawati PSC, both of which are located onshore West Papua.
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Strong execution ability.
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