RH Petrogas' Well Drilling Operations in Indonesia Faces Delay; Shares Up 3%

MT Newswires

01/26

RH Petrogas (SGX:T13) said that the drilling operations at the exploration well in the Arar block of the Kepala Burung Production Sharing Contract in Southwest Papua, Indonesia, will be delayed amid obstructions by locals and challenging road conditions, according to a Friday filing with the Singapore Exchange.

Shares of the oil exploration firm were up nearly 3% in Monday trading.

The well spudding was initially targeted for completion in February, but the timeline has now been moved to the end of the first quarter of the year.

The company is in talks with relevant stakeholders and the local government to reach a resolution, the filing added.

Meanwhile, the drilling rig has been redeployed in order to ensure continuous operations.

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