$RH PetroGas(T13.SI)$ RH has r

RH has released its updates on the drilling of the Piarawi-1 exploration well in the Salawati Production Sharing Contract, Southwest Papua,Indonesia.

As per the company’s Jan 20 announcement, the drilling of the Piarawi-1 well commenced under its 82.65%-owned subsidiary Petrogas (Island).

The well has since been drilled to a total depth of 11,050 feet as at Mar 2024 and encountered 25 ft of net oil pay in a tighter than expected reservoir within the target Kais carbonate formation.

Additionally, the well was temporarily suspended under a testing program which commenced in late June with a series of acid stimulations on the well which resulted in successful oil flow from the tight reservoir. As such, the group is currently completing the well as a producer. Subject to the requisite regulatory approvals, the Piarawi-1 well is expected to commence production before the end of 2024 at an initial rate of approximately 100 to 200 barrels of oil per day.

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As the Singapore stock market continues to show resilience amid global uncertainties, investors are constantly on the lookout for opportunities that could deliver strong returns. ----------- Which company is the anchor in your portfolio? Are they entering buying zone after the plunge several days ago? Have you bottomed these stocks?

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Additionally, the well was temporarily suspended under a testing program which commenced in late June with a series of acid stimulations on the well which resulted in successful oil flow from the tight reservoir. As such, the group is currently completing the well as a producer. 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