CORPORATE PRESENTATION

3 MARCH 2025

TABLE OF

CONTENTS

  1. Corporate Overview
  2. Assets and Operations Review
  3. Financial Review
  4. Exploration Progress
  5. Oil Market Outlook
  6. Corporate Social Responsibility

3

S$0.165 per share

Share price, 28 Feb 2025

835,177,400

No. of shares in issue

S$137.8MM

Market capitalisation, 28 Feb 2025

Free float: ~32%

Corporate Overview

  • Listed on SGX mainboard
  • Tickers: T13 (SGX), RHP SP (Bloomberg)
  • Oil and gas upstream pure play with activities covering the exploration, development and production of oil and gas resources
  • Currently the operator of two production sharing contracts ("PSCs") in Indonesia with existing production and exploration upside potential
  • Vision: RHP aspires to be a leading independent energy company in the ASEAN region
  • Mission: To develop, leverage and grow our energy assets in a safe, responsible and sustainable manner to enhance the interests of our stakeholders

4

Assets and Operations Overview

SALAWATI ISLAND

SOUTHWEST

PAPUA

Kepala Burung PSC

Salawati PSC

Kepala Burung PSC

Salawati PSC

Location

Southwest Papua,

Southwest Papua,

Indonesia

Indonesia

Area

1,030 km2

1,137 km2

Participating

70%(1)

70%(1)

Interest

Licence Expiry Date

14 October 2040

22 April 2040

Operator

RH Petrogas

RH Petrogas

Partner

Pertamina (30%)

Pertamina (30%)

(Participating Interest)

  1. RHP's effective working interests after accounting for the share of non-controlling interest in the respective PSCs are as follows: Kepala Burung PSC: 57.8578%; and Salawati PSC: 57.8578%

Kepala Burung PSC,

Head Office,

Salawati PSC,

Southwest Papua, Indonesia

Singapore

Southwest Papua,

Indonesia

5

Assets and Operations Overview

Summary of Reserves

3.2

2P Reserves (MMBOE) (2)

2P Oil 2P Gas

3.2

3.6

3.7

3.7

2P+2C Composition, as at 1 Jan 2025

4%

24%

2P Oil

2P Gas

27%

2C Oil

33.2

31.4

28.6

26.4

24.1

1 JAN 2021

1 JAN 2022

1 JAN 2023

1 JAN 2024

1 JAN 2025

  1. Figures were certified by independent qualified person and based on RHP's effective working interest in the respective PSCs

45%

2C Gas

Total = 87.7 MMBOE

(51% Oil, 49% Gas)

6

Assets and Operations Overview

Summary of Production

Production (BOEPD)

Cost of Production (US$/bbl)

4,710

(3)

4,820

(3)

4,990 (3)

4,910

(3)

4,290

37.3

33.4

31.4

27.0

27.3

2020

2021

2022

2023

2024

Production (BOEPD)

Cost of production (US$/bbl)

(3) Figures are based on 70% working interests in the Kepala Burung PSC and the Salawati PSC

  • Maintained relatively stable production over the years through production optimisation strategies, including well workover and services, infill drilling, enhanced oil recovery ("EOR") etc., to counter natural production decline of mature oil fields
  • Decrease in cost of production in 2024 was mainly due to:
    • Lower field operation expenses
    • Enhanced operational synergy and cost sharing between Kepala Burung and Salawati blocks
  • Continual efforts to improve cost efficiency and synergies

7

Financial Review

Financial Summary and Highlights

Financial Summary

120120

104.9

110

100

95.0

94.1

92.5

100

82.5

90

(US$'MM)Revenue

(US$/bbl)PriceOilRealised

80

80.0

79.0

80

70.0

70

60

60

50.5

50

42.6

41.0

40

34.3

33.0

40

25.3

30

20

20

6.7

10

-

-

2020

2021

2022

2023

2024

Revenue (US$'MM)

EBITDAX (US$'MM)

Realised Oil Price (US$/bbl)

EBITDAX: Earnings before interest, tax, depreciation, amortisation, exploration expenses, impairment and other non-recurring items

Financial Highlights

FY2022

FY2023

FY2024

(US$'MM)

Net profit

24.9

3.2(4)

18.3

Operating cash flow

31.0

16.8

33.8

Cash and bank

60.5

54.6

55.8

balances

MMBOE

Shareholder loan

Nil

Nil

Nil

External debt

Nil

Nil

Nil

EPS (cents per share)

2.42

0.31

1.74

NAV (cents per share)

4.70

5.02

6.77

  1. Excluding the write-off of unsuccessful exploration and evaluation expenditures of
    US$17.7MM, the Group would have recorded a net profit of approximately US$13.8MM for FY2023

8

Exploration Progress

SALAWATI ISLAND

Piarawi

SOUTHWEST

PAPUA

Karuka

Riam

W-322

  • Under the firm work commitment, 3 exploration wells have been drilled to date, with 1 discovery put on production (Piarawi-1)
  • Two exploration wells in Arar area targeted to spud back-to-back in 3Q 2025, subject to receiving the requisite environmental permits
  • 3D seismic survey completed in South Walio Offshore area, data being processed and interpreted to delineate future exploration prospects
  • Extensions granted for firm work commitment period:
    • Kepala Burung PSC, 30 months (until Apr 2028)
    • Salawati PSC, 16 months (until Aug 2026)

9

Oil Market Outlook

  • Oil market volatility decreased towards the end of 2024, with oil prices subdued on weak sentiment due to buildup in oil inventories driven by global economic challenges, and reduced geopolitical tensions
  • Global oil demand expected to grow in 2025 by around 1.4 MMBOPD
  • Global oil inventories expected to rise in 2H 2025 with OPEC+ planning to progressively phase out production cuts from April 2025, while non-OPEC+ production remains robust
  • Oil markets likely to face heightened risks and uncertainities in 2025 arising from developments in ongoing geopolitical conflicts, US new tariff policies, and OPEC+'s future policy direction

10

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RH Petrogas Limited published this content on March 03, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 03, 2025 at 04:37:05.708.