RH PetroGas
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What happen to RH PetroGas
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RH Petrogas - A Shot Of Adrenaline
so volatile...an opportunity to make also.
Congrats to those vested.
Two days after the 13% gain on Monday before RH Petrogas called for a trading halt, group proposed a private placement of 116m new shares @ $0.63/share, a discount of 9.5% to VWAP on last trading day, through UOB Kay Hian as agent. New shares will represent 18.9% of existing issued share capital and will be increased to 731.3m shares. 90% of net proceeds of $70.2m will be used to fund expenses in relation to exploration, development or production activities of Salawati Basin and Salawati Island and the balance of the net proceeds for the general working capital. Counter will commence trading at 9am.
PROPOSED PLACEMENT OF UP TO 116,000,000 NEW ORDINARY SHARES IN THE
CAPITAL OF RH PETROGAS LIMITED AT A PLACEMENT PRICE OF S$0.63 PER SHARE
The Placement Shares
The Placement Shares will be placed by the Placement Agent to institutional investors pursuant to
Section 274 of the Securities and Futures Act (Cap 289) of Singapore, and/or accredited investors
pursuant to Section 275 of the Securities and Futures Act (Cap 289) of Singapore.
Use of Net Proceeds
The Company intends to allocate and utilize i) up to 90% of the Net Proceeds to fund the operating
expenditure and capital expenditure in relation to exploration, development or production activities
of Salawati Basin and Salawati Island and (ii) the balance of the Net Proceeds for the working
capital requirements of the Group.
Pending the deployment of the proceeds for the purposes mentioned above, the Net Proceeds may
be deposited with banks and/or financial institutions, invested in short-term money markets and/or
marketable securities, or used for any other purpose on a short-term basis, as the Directors may, in
their absolute discretion, deem appropriate in the interests of the Group.
Didn't find any announcement from SGX website, where you got this news from?
Msia-listed Sona Petroleum could buy a stake in RH Petrogas via a share placement.
at last, halt trading.
Is rh petrogas the largest oil produce in sgx ?? 4500barrels per day...oil up $10 since last year...extra revenue and and profit will be 4500*10*365days
Picked.up some at 62.5 after a long wait of 58 never fulfill....bet for zircon report tonight or soon...prepare for long till 2015...
Slow steady, let market correct the price then I am going long long for this. Last 2 days shot up due to euphoria from announcement, but this stock is real undervalued before that.
More announcements to come in quick succession between now and 1Q2014, management seems v confident of 15,000bpd target for 2015.
Profit taking now.....q lower
Ya..the company wan to raise more funds for future.projects...next I think the result of zircon drilling is out tomorrow..maybe they found.more than 1000barrels of oil well..let wait and see...taget 15000barrels per day production is the best
this counter can run very fast.
expecting placement shares soon.
Business times report..
Listing ( Date: 17-Feb-2013 11:35) Posted:
More news:
RHP acquires Sarawak, Myanmar concessions
ronnie lim
578 words
13 December 2012
Business Times Singapore
STBT
English
(c) 2012 Singapore Press Holdings Limited
E&P player hopes to raise new equity in Q1 2013 if US fiscal cliff is avoided
RH PetroGas (RHP) - which kicked off its oil and gas exploration and production (E&P) aspirations after buying Temasek Holdings unit Orchard Energy two years ago - is back on the radar.
This time, the listed E&P player has announced the acquisition of two new concessions, one each in Sarawak in Malaysia and Myanmar. This brings the total number of properties in its portfolio to six.
Excluding the output from these latest acquisitions, RHP aims to triple its current production of 4,600 barrels of oil equivalent per day (boepd) to 15,000 boepd by 2015.
Chief executive Tony Tan told BT this week that he expects the increased production to come from sites such as the Klalin and Koi complexes in its already-producing Kepala Burung and Salawati Kepala Burung production sharing contract (PSC) areas in Indonesia.
RHP is also sourcing for a rig to drill at its West Belida PSC, which was the company's first E&P property acquired from Temasek. It also hopes to start work soon on its Fuyu block in China, once all the approvals come through.
The E&P veteran, who used to be with Singapore Petroleum Company, said that in August, RHP completed the capitalisation of US$61.5 million of shareholder loans, with the refinancing funding the company's growth plans.
But with the controlling Tiong family's shareholding rising to 77 per cent as a result, its next step will be to enhance RHP's market liquidity.
The company hopes to raise new equity in Q1 next year - if the US economy does not fall off the fiscal cliff, Dr Tan said. This will be done through a placement of new shares with warrants to raise up to S$94 million initially. Plans are also afoot to raise up to another S$38 million through a full-warrants exercise within a year.
Rubbishing Sarawak news reports that suggested that RHP had secured its latest Malaysian PSC through chairman Tiong Hiew King's connections with the authorities there as a result of his Sarawak timber interests, Dr Tan said the company bid for and secured the concession on its own merits.
RHP has an 80 per cent working interest, with Petronas Carigali holding the remainder.
As bidding for the Petronas concession was confidential, he declined to say what RHP's investment there cost. The 11,600 sq km onshore block - RHP's largest to date - is near the Bintulu LNG terminal, which means that if any gas is found, it can be exported through that facility.
The group is committed to a three-year work programme there, which Dr Tan said will cost less than US$15 million.
RHP, which has built up an experienced E&P management team that includes old oil-and-gas hands, now has about 140 staff in Singapore, Jakarta and China. Its Malaysian operation has just started up.
In its search for new assets, mainly onshore and shallow-water concessions, RHP just announced on Tuesday a farm-in agreement costing US$3.6 million for a 50 per cent stake in an offshore Myanmar block owned by Mr Tiong.
Dr Tan described it as the right time to go into Myanmar, now that the US trade embargo on the country has been lifted.
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Interesting.old.news by nextinsight on.rh petrogas..say rh worth $3.75cents....next.ceo say in business times in dec 2012..say they will.ramp.up production to 15000barrels.ofnoil per day in 2015...read more and enjoy
Vivivie ( Date: 17-Jul-2012 08:00) Posted:
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laggard crawls up slowly.
notice Ramba and Mirach Energy quite active
recently.KrisEnergy joint in the game on Friday.
Expecting RH PetroGas to participate in the fun
next week.
total shares hold by the 20 largest shareholders are 97%.
total shares hold by small shareholders only 3%.
this is a control counter.
everyday buyer and seller same person.
RH Petrogas (RHP) will issue 116m new shares, at SGD0.63/share, to a group of institutional investors, raising USD56m to fund drilling activities in the Basin and Island PSCs, which we expect to accelerate in FY14.
■ RHP should trade at SGD0.98 for today?s assets
Based on our assessment of RHP?s 2P reserves and 2C contingent resources, RHP should trade at SGD0.98 today (post-placement) to reflect the market value of its reserves and resources.
