Currently, the well is pending approval for testing and fracking by Indonesian oil and gas regulators, with a possibility to begin production as soon as the 4QFY2024 ending Dec 31.
UOB Kay Hian analyst Adrian Loh is maintaining his “buy'' call on RH Petrogas (SGX:T13
) with a raised target price of 24.2 cents from 23.8 cents previously, citing the group’s successful yielding of one well for its 2023/2024 drilling programme. The result is “in-line” with historical global exploration success rates, notes Loh.
In mid-March this year, the group announced that its Piarawi-1 well, located in its Salawati Production Sharing Contract (PSC) and the fourth and final well of its 2023/2024 drilling programme, found good-quality oil within a tight carbonate reservoir.
