RH Petrogas

RH Petrogas: becomes yet another Myanmar prospect play. The group has executed a farm-in option agreement (Seismic Option Agreement) with Rimbunan Petrogas (RPL), in which the Group was granted an option to farm-in and acquire 50% of RPL’s participating interest in the Production Sharing Contract (PSC) for Block M-1 located offshore Myanmar. RPL, together with UNOG, signed the PSC with Myanmar Oil and Gas Enterprise (MOGE) in Mar ’07. RPL is the operator of the PSC with a 93% participating interest, with UNOG holding the remaining 7%. Under the agreement, RPL will have to acq a new 300-500 line km of 2D seismic (2D Seismic Program) by 7 Jun ’13. Under the Seismic Option Agreement, RHP will pay for 50% of RPL’s share of cost of the 2D Seismic Program, est to be US$3.6m. RHP will review the results of the 2D Seismic Program to determine whether to exercise the Seismic Option. RHP trades at 1.7x P/B .