RH PETROGAS LIMITED 
By
(Company Registration No.: 198701138Z)
The Board of Directors of the of RH Petrogas Limited ("the Company"), refers to its announcement (SGXNet Announcement No 85) made on 16 October 2013 in relation to the completion of the placement of 116,000,000 new ordinary shares at a price of S$0.63 each in the share capital of the Company, and wishes to provide the following update on the usage of the net placement proceeds of S$70,267,000 as follows:-
Intended use of net proceeds | Net proceeds from placement of shares S$'000 | Amount utilised S$'000 | Balance S$'000 |
To fund the operating expenditure and capital expenditure in relation to exploration, development or production activities of Salawati Basin and Salawati Island | 63,240 | (19,511) | 43,729 |
Working capital | 7,027 | (1,958)(1) | 5,069 |
Total | 70,267 | (21,469) | 48,798 |
Note :
(1) The breakdown of the working capital of S$1,958,000 utilised was as follows:
S$'000 | |
Staff costs | 1,384 |
Office expenses | 190 |
Professional fees | 85 |
Other operating expenses | 299 |
1,958 |
The use of proceeds from the placement is in accordance with the intended use.
The Board will continue to provide periodic announcements on the utilization of the balance of the net placement proceeds as and when the proceeds are materially disbursed.
Chang Cheng-Hsing Francis
Group CEO & Executive Director
17 January 2014
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