RH Petrogas

RH Petrogas: DMG maintains Buy , but slashes TP to $0.50 (from $1.19), on lower long term oil px assumptions. Notes RHP has fallen 63% in the 6-mth period vs brent's 44% decline. DMG says RHP is now priced as if long term oil prices were US$55, but the house values the stock at a long term oil px assumption of US$80 (down from US$100). Separately, RHP has received final approval for the Fuyu 1 field, upgrading its 2P reserves to 17.4mmboe and the house is satisfied it has the financial capability to develop this field.