The Board of Directors of RH Petrogas Limited refered to its announcements dated 20 January 2024 and 13 March 2024 (SGXNet Announcements No. SG240120OTHR0X4V and SG240313OTHRJ5ZF respectively) on the Piarawi-1
exploration well in the Salawati Production Sharing Contract ("PSC"), Southwest Papua, Indonesia. The Piarawi-1 well was drilled to a total depth of 11,050 feet in March 2024 and encountered 25 feet of net oil pay in a tighter than expected reservoir within the target Kais carbonate formation. The well was temporarily suspended to further appraise the testing program which included reservoir stimulation. Testing commenced in late June with a series of acid stimulations on the well which resulted in successful oil flow from the tight reservoir. With this encouraging result, the Group is 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 (BOPD). The well will be tied in to nearby facilities with forward capital investment of approximately USD 500,000.