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Creeping up each day....
Revival of trading interest due to new oil well discovery and rising crude oil prices.
Question is what is the potential of new well output.
Forward financial impact seems very positive.......fingers crossed.
Question is what is the potential of new well output.
Forward financial impact seems very positive.......fingers crossed.
With Brent Crude jump to US$84, n possible new oil well found, RH Petrogas should be price above 20c
Catrade ( Date: 14-Mar-2024 09:44) Posted:
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Brent crude futures rose over 2% to above $84 per barrel on Wednesday, after US government data showed an unexpected decrease in crude stocks. The EIA report showed crude oil inventories in the US fell by 1.536 million barrels last week, defying expectations of a 1.338 million-barrel increase. It was the first decline in seven weeks, confirming industry data reported on Tuesday by API. Additionally, the report highlighted a drop at the Cushing hub in Oklahoma, alongside diminished gasoline stocks. Meanwhile, Iraq exceeded its quota for oil production for the second consecutive month, according to OPEC. The EIA also forecasted a faster-than-expected increase in US oil production for this year, which will support global supplies.
Oil and gas counters were hammered quite badly for some time.
Recovery is only natural over time.
Recovery is only natural over time.
wehuattogether88 ( Date: 14-Mar-2024 09:37) Posted:
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RH going back to level above 19 cents?
RH PETROGAS LIMITED
(Registration Number: 198701138Z)
UPDATE ON THE PIARAWI-1 EXPLORATION WELL DRILLED IN THE SALAWATI PSC, INDONESIA
The Board of Directors of RH Petrogas Limited (the ?Company?, and together with its subsidiaries, the ?Group?) wishes to announce that its subsidiary, Petrogas (Island) Ltd. has completed drilling of the Piarawi-1 exploration well in the Salawati Production Sharing Contract (?PSC?), Southwest Papua, Indonesia.
The Piarawi-1 well was drilled to a total depth of 11,050 feet, which was 350 feet deeper than planned. The well encountered oil-bearing reservoir in the target Kais carbonate formation at 10,400 feet with oil gradient being established and light oil samples of 420 API gravity being recovered from the MDT (Modular Formation Dynamics) wireline formation testing tool. Based on the well logging data, it is estimated that approximately 25 feet of net oil pay is present in an overall hydrocarbon column of 70 feet within the Kais formation. However, the oil-bearing carbonate reservoir is tighter than expected and may require the implementation of an appropriate stimulation strategy for the optimal recovery of the oil discovered. The well is currently suspended temporarily as further appraisal works are being planned.
Mr. Francis Chang, Group CEO and Executive Director, commented, ?The Piarawi-1 well is part of the Group?s exploration drilling campaign in 2023/24 and the first exploration well drilled under the firm work commitment of the Salawati PSC which commenced in 2020. . Following the well suspension, our next step is to undertake further appraisals to assess the commerciality of the oil discovery. The same tight carbonate reservoir has been encountered in both the Salawati and Kepala Burung blocks and we have successfully extracted oil using existing technologies.?
BACKGROUND
RH Petrogas Limited (?RHP?) is an independent upstream oil and gas company headquartered in Singapore and listed on the mainboard of the Singapore Stock Exchange. RHP operates across the full range of upstream activities covering the exploration, development and production of oil and gas resources. Geographically, RHP is focused in the ASEAN region. RHP has undertaken a strategic renewal and revamp of its asset portfolio in recent years and currently holds two new producing assets in Indonesia.
RHP aspires to be a leading independent energy company in the ASEAN region.
BY ORDER OF THE BOARD
Chang Cheng-Hsing Francis Group CEO & Executive Director 13 March 2024
1
(Registration Number: 198701138Z)
UPDATE ON THE PIARAWI-1 EXPLORATION WELL DRILLED IN THE SALAWATI PSC, INDONESIA
The Board of Directors of RH Petrogas Limited (the ?Company?, and together with its subsidiaries, the ?Group?) wishes to announce that its subsidiary, Petrogas (Island) Ltd. has completed drilling of the Piarawi-1 exploration well in the Salawati Production Sharing Contract (?PSC?), Southwest Papua, Indonesia.
The Piarawi-1 well was drilled to a total depth of 11,050 feet, which was 350 feet deeper than planned. The well encountered oil-bearing reservoir in the target Kais carbonate formation at 10,400 feet with oil gradient being established and light oil samples of 420 API gravity being recovered from the MDT (Modular Formation Dynamics) wireline formation testing tool. Based on the well logging data, it is estimated that approximately 25 feet of net oil pay is present in an overall hydrocarbon column of 70 feet within the Kais formation. However, the oil-bearing carbonate reservoir is tighter than expected and may require the implementation of an appropriate stimulation strategy for the optimal recovery of the oil discovered. The well is currently suspended temporarily as further appraisal works are being planned.
Mr. Francis Chang, Group CEO and Executive Director, commented, ?The Piarawi-1 well is part of the Group?s exploration drilling campaign in 2023/24 and the first exploration well drilled under the firm work commitment of the Salawati PSC which commenced in 2020. . Following the well suspension, our next step is to undertake further appraisals to assess the commerciality of the oil discovery. The same tight carbonate reservoir has been encountered in both the Salawati and Kepala Burung blocks and we have successfully extracted oil using existing technologies.?
BACKGROUND
RH Petrogas Limited (?RHP?) is an independent upstream oil and gas company headquartered in Singapore and listed on the mainboard of the Singapore Stock Exchange. RHP operates across the full range of upstream activities covering the exploration, development and production of oil and gas resources. Geographically, RHP is focused in the ASEAN region. RHP has undertaken a strategic renewal and revamp of its asset portfolio in recent years and currently holds two new producing assets in Indonesia.
RHP aspires to be a leading independent energy company in the ASEAN region.
BY ORDER OF THE BOARD
Chang Cheng-Hsing Francis Group CEO & Executive Director 13 March 2024
1
Good news coming soon?. Should hv found something during digging/ drilling
Hope so, fingers crossed.
If price continue to go up, then likely because they are
insiders in the know.
If price continue to go up, then likely because they are
insiders in the know.
ykjuay ( Date: 29-Feb-2024 13:40) Posted:
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Got volume, price up, could hv found oil
This Co has to write off 2 consecutive explorations which hit water. Unfortunately.
together with rex.. going downhill like not good profits last yr
What is going on?
I think oil stocks in play.
Quite tough, spent millions in each exploration and hit water in the last 2. to
If they manage to hit gas... then it is jackpot
If they manage to hit gas... then it is jackpot
ysh2006 ( Date: 21-Jan-2024 09:23) Posted:
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May know last two times their luck was what ?
sengkang ( Date: 20-Jan-2024 23:39) Posted:
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Maybe 3rd time lucky.... lol
ysh2006 ( Date: 20-Jan-2024 19:46) Posted:
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Need 50 days later than the drilling result will tell oil good or not lah...
UOBKH Aug report mentioned about 6.6mmbbl oil potential for this well.
Hope RHP could strike gold this time!
RH PETROGAS SPUDS PIARAWI-1 EXPLORATION WELL IN SALAWATI PSC, INDONESIA
The Board of Directors of RH Petrogas Limited (the &ldquo Company&rdquo , and together with its subsidiaries, the &ldquo Group&rdquo ) wishes to announce that its 82.65% owned subsidiary Petrogas (Island) Ltd. has on 20 January 2024 spudded the Piarawi-1 exploration well in the Salawati Production Sharing Contract (&ldquo PSC&rdquo ), Southwest Papua, Indonesia. The Piarawi-1 well is situated about 6 km north of the Matoa field which is the main producing field and currently accounts for more than 70% of the block&rsquo s oil production. The well is being drilled as a vertical well using the GW-123 rig to a proposed total depth of approximately 10,700 feet. Drilling is anticipated to take approximately 50 days. The Piarawi-1 well targets an untested carbonate buildup which shares the same structural style and similar rock facies with the Matoa field. The well seeks to test the oil potential in a structural trap within the Kais carbonate interval which is the main oil producing reservoir in the block. The Piarawi-1 well is the first exploration well to be drilled under the firm work commitment of the Salawati PSC which commenced in 2020 on a 20-year term. Mr. Francis Chang, Group CEO and Executive Director, commented, &ldquo The Piarawi prospect is a large undrilled Kais structure in the block and the objective of the Piarawi-1 exploration well is to prove up oil accumulation trend similar to the main Matoa producing area. If successful, the well can be converted into an oil producer to monetise the newly discovered resources quickly given the proximity to existing infrastructure. In the event the well turns out to be a gas discovery, the Group will assess its commerciality for development given the growing gas demand in the region.&rdquo
Hope RHP could strike gold this time!
RH PETROGAS SPUDS PIARAWI-1 EXPLORATION WELL IN SALAWATI PSC, INDONESIA
The Board of Directors of RH Petrogas Limited (the &ldquo Company&rdquo , and together with its subsidiaries, the &ldquo Group&rdquo ) wishes to announce that its 82.65% owned subsidiary Petrogas (Island) Ltd. has on 20 January 2024 spudded the Piarawi-1 exploration well in the Salawati Production Sharing Contract (&ldquo PSC&rdquo ), Southwest Papua, Indonesia. The Piarawi-1 well is situated about 6 km north of the Matoa field which is the main producing field and currently accounts for more than 70% of the block&rsquo s oil production. The well is being drilled as a vertical well using the GW-123 rig to a proposed total depth of approximately 10,700 feet. Drilling is anticipated to take approximately 50 days. The Piarawi-1 well targets an untested carbonate buildup which shares the same structural style and similar rock facies with the Matoa field. The well seeks to test the oil potential in a structural trap within the Kais carbonate interval which is the main oil producing reservoir in the block. The Piarawi-1 well is the first exploration well to be drilled under the firm work commitment of the Salawati PSC which commenced in 2020 on a 20-year term. Mr. Francis Chang, Group CEO and Executive Director, commented, &ldquo The Piarawi prospect is a large undrilled Kais structure in the block and the objective of the Piarawi-1 exploration well is to prove up oil accumulation trend similar to the main Matoa producing area. If successful, the well can be converted into an oil producer to monetise the newly discovered resources quickly given the proximity to existing infrastructure. In the event the well turns out to be a gas discovery, the Group will assess its commerciality for development given the growing gas demand in the region.&rdquo
Wow fire at us ships now ...