RH Petrogas - UOB Kay Hian 2023-08-24: Poor 1H23 Results; But Exploration Upside Is Key

• Although RHP’s 1H23 results fell short of our expectations due to higher production costs, it is drillbit news from the company’s four wells over the course of the next few months that could add S$0.13 per share to our valuation.
• - Read this at SGinvestors.io -

Lower-than-expected 1H23 results due to higher costs.

• RH PetroGas (RHP, SGX:T13) reported a 24% y-o-y decline in revenue which mirrored the y-o-y decline in oil price. However, RHP reported an 81% y-o-y decline in PATMI to US$2.3m which was impacted by higher operating costs, depreciation and tax rate.
• - Read this at SGinvestors.io -
• RHP remains on track to drill four wells over the next 3-4 months (one of which spudded in early-August) and it is the drillbit exposure that investors should look forward to, not financial results.

Costs increased after the paucity of spending during COVID-19.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-08-19 RH Petrogas 1H25 - Cash-fuelled Resilience With Two Exploration Wells In Sep/Oct 25.

Previous report by UOB:
2025-03-05 RH Petrogas - Cost Control The Highlight With Two Wells To Watch In July.

Price targets by other brokers at RH PetroGas Target Prices.

Listing of research reports at RH PetroGas Analyst Reports.

Relevant links:
RH PetroGas Share Price History,
RH PetroGas Announcements,
RH PetroGas Dividend Payout Dates & Corporate Actions,
RH PetroGas News