- Although RH PetroGas (RHP, SGX:T13)’s 2023/24 drilling programme yielded only one successful well out of four, this was in line with historical global exploration success rates. Excluding exploration write-offs, RHP’s 2023 net profit would have beaten our forecast.
- - Read this at SGinvestors.io -
One successful well out of four - an in-line result.
- In mid-Mar 24, RH PetroGas announced that the Piarawi-1 well, located in its Salawati Production Sharing Contract (PSC) and the fourth and final well of its 2023/24 drilling programme, found good quality 42º API oil within a tight carbonate reservoir. At present, the well has been temporarily suspended, and with the Indonesian oil & gas regulator having given approval to test and frack the well, it would appear that Piarawi can be brought into production as soon as 4Q24.
- - Read this at SGinvestors.io -
- We highlight that global exploration success rates range at 10-20% thus we deem RHP's exploration programme as being an in-line result.
2023 results - above expectations.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Adrian LOH UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-03-25
Previous report by UOB:
2023-08-24 RH Petrogas - Poor 1H23 Results; But Exploration Upside Is Key.
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 Dividends & Corporate Actions,
RH PetroGas News Articles
