The Board of Directors of RH Petrogas Limited refers to the Company's announcement issued on 21 November 2025 on the spudding of the Karim-1 exploration well and wishes to provide an update on the recently completed drilling. The well is located onshore in the Kepala Burung Production Sharing Contract ("PSC"), Southwest Papua, Indonesia. The Karim-1 exploration well was spudded on 21 November 2025, utilising Petrogas Rig #3, and reached a total depth of 4,293 feet measured depth.
The primary objective of the well was the Middle Miocene Kais limestone formation, which represents the principal oil and gas producing reservoir within the Salawati Basin. The secondary objective was the Klaili Limestone, a shallower Late Pliocene carbonate reservoir within the Klasaman formation. During drilling operations, the well encountered operational challenges while penetrating the Klaili Limestone interval, resulting in the acquisition of intermediate wireline logging data across this section.
The evaluation of the Klaili Limestone indicated trace to moderate oil shows, as supported by gas chromatography data, suggesting the presence of a hydrocarbon system within the interval. Drilling operations subsequently continued to the primary objective Kais Limestone. Comprehensive wireline logging was conducted over the Kais Limestone Formation.
Although trace oil shows were observed in the cuttings and sidewall core, log analysis and pressure gradient data confirmed that the reservoir interval is water-bearing. Based on the overall technical evaluation, including reservoir quality and production deliverability considerations, the Group will proceed with permanent plug and abandonment ("P&A") of the Karim-1 well in accordance with applicable regulatory requirements. Notwithstanding the P&A of the Karim- 1 well, the Group notes that the hydrocarbon indications observed in the Klaili Limestone provide valuable geological and subsurface insights, which will be incorporated into the Group's ongoing post-well technical review and future exploration planning.
