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RH Petrogas Makes Oil Discovery in Kepala Burung PSC

Source: www.gulfoilandgas.com 3/7/2013, Location: Asia

The Board of Directors of RH Petrogas Limited (the “Company”) is pleased to announce that its wholly owned subsidiaries Petrogas (Basin) Ltd. (“PBL”) and RHP Salawati Basin B.V. (“RHPSB”), in coordination with SKK Migas (Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi), have made an oil discovery at the South East Walio-2 exploration side-track well (“SEW-2/ST Well”) drilled in the Basin PSC, located in the Sorong area, West Papua.

The well tested an average of 100 BOPD (barrels oil per day) of production from the Kais Limestone reservoir. The properties of the oil recovered was light and sweet with 35° API. The drilling of the well was completed in December 2012 and the well has been put on extended production test using open hole completion since 5 February 2013. The Group is preparing the POP (Put On Production) plan for submission to SKK Migas to bring the well into production via existing infrastructure located nearby.

The SEW-2/ST Well was drilled to test a new concept in the southwest extension of the South East Walio field following a new limestone fracture study conducted around the area recently.

Dr Tony Tan, Chief Executive Officer said, “The SEW-2/ST discovery further confirms the upside potential in the block. We will continue to carry out subsurface studies and test new concepts to discover untapped reserves and add on production.”

The Company through PBL and RHPSB has an aggregate 60% working interest in the Basin PSC. The other partners are PetroChina International (Bermuda) Ltd. (30%) and PT Pertamina Hulu Energi (10%). The consortium, as contractor of Indonesian government operating under the supervision of SKK Migas, has actively explored and produced oil and gas in the working area.

RH Petrogas Limited (“RHP”) is an independent upstream oil and gas company headquartered in Singapore. RHP is listed on the mainboard of the Singapore Stock Exchange and is focused on exploration, development and production of oil and gas deposits. RHP has producing, development and exploration blocks in Indonesia, China and Malaysia.

RHP aspires to be a leading independent oil and gas company in the region and is actively looking for further growth opportunities in the sector.

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