Tuesday, September 21, 2010

RH Petrogas

RH Petrogas: halt lifted at 9am this morning. Increases stakes in two oil producing PSCs in West Papua, Indonesia through acquisition of PearlOil’s interests for US$36.7m. This follows recent acquisition of Lundin’s interests in the same PSCs. RHP now owns 60% of Basin PSC and 33.2% of Island PSC. Acquisition will add 2600 bpd net to RHP, raising total pdtn to 4700 bpd. Proved and probable (2P) oil reserves attributable to RHP will rise from 8.1m to 14.3m.

Stock trades at 2.1x PB, has been posting losses for past two quarters since restructuring.

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