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oil discovery in one of the sharing contract in Indonesia,
px going to soar tomorrow.
cheers.
Though illiquid for the moment, price may jump this week.. Dont miss this one.
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.
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.
Ok found:
http://rhpetrogas.listedcompany.com/newsroom/20130121_171412_T13_965BE296D649DDEE48257AFA00271D24.1.pdf
Drilled and found oil and gas.
Partners are PetroChina and Pertamina for Sarawak concession.
http://rhpetrogas.listedcompany.com/newsroom/20130204_173951_T13_0EFF52C03862097248257B08002DC0B8.1.pdf
Link to Myanmar concessions and possible exercise of option to acquire further Myanmar interest and farm the concession.
Most interesting!
http://rhpetrogas.listedcompany.com/newsroom/20130121_171412_T13_965BE296D649DDEE48257AFA00271D24.1.pdf
Drilled and found oil and gas.
Partners are PetroChina and Pertamina for Sarawak concession.
http://rhpetrogas.listedcompany.com/newsroom/20130204_173951_T13_0EFF52C03862097248257B08002DC0B8.1.pdf
Link to Myanmar concessions and possible exercise of option to acquire further Myanmar interest and farm the concession.
Most interesting!
They also announced they have Sarawak concessions - I didn't realize there is oil and gas in Sarawak.. Must be near Brunei? Anyone knows?
Yes Myanmar concessions obtained.. Find oil and gas next!
Vafirish ( Date: 15-Feb-2013 11:30) Posted:
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something going on for this counter.
volumn quite high compare with last yr.
Do they even have new plans or contracts?
Else it probably will remain stable and stagnant?
Just announced Sarawak and Myanmar concessions play... Have a look but trade with care!
Vested!
Vested!
oh, cheap sale is on.
$0.545 only
ya, come down again because bosses want it that way.
changes oil and gas to water temporary.
it will move up again.
just be patience.
haha..come down again
I think this is a control counter.
can go up very fast bec. limited scipt.
NO MORE CHEAP SALE....i mean 55 cents leow...
UP FAST....CAN IT SUSTAIN????
need to build up volume'''''''
the positive new,but can it move the share????
everyone talking oil exploration,,,,,,,this company is really doing something,,,,,,but nobody interested..haha.....
