RH Petrogas (RHP): to invest US$37.1m for a share in two Indonesian oil exploration projects through a S&P agreement, with further payment of up to US$3.9m conditional on a new oil field development. Agreement sees RHP owning a 25.9% participating interest in the Kepala Burung Production Sharing Contract (PSC), and another 14.5% interest in the Salawati Kepala Burung PSC, both held by Lundin Petroleum…
Both contracts allow companies to explore for oil in a part of West Papua covering 2k sq km (both onshore and offshore) for the next 10 yrs. An independent assessment est that RHP interest in both contracts translates to an access to oil reserves of 6.2m bbl as at end'09, and will contribute an avg of 2100 bpd of net oil pdtn to RHP. RHP may raise equity, on top of loans and borrowings, to fund the acquisition...
RHP is still trying to return to the black, after it was the subject of a reverse takeover back in 2008. Stock trades at 1.7x PB.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment