RH Petrogas Limited's wholly-owned subsidiary RH Petrogas Investments Pte. Ltd. inked a sale and purchase agreement (SPA) with Tumbuh Tiasa Enterprises Sdn. Bhd. April 17 to sell 3,184,881 ordinary shares or 49 percent of the entire issued share capital of RHP (Mukah) Pte. Ltd. - the operator of SK331 Production Sharing Contract (PSC) in onshore Sarawak, Malaysia - to Tumbuh for $2.79 million.
RHP (Mukah), a company incorporated in Singapore Oct. 10, 2012, is the operator of Block SK331 with an 80 percent working interest, while Petroliam Nasional Berhad's upstream unit Petronas Carigali Sdn Bhd holds the remaining 20 percent.
The proposed sale is "part of the Company’s strategy to diversify and reduce its exposure to the exploration risk and cost in relation to SK331. At the date of this announcement, SK331 is still at its exploration phase," RH Petrogas said in a press release April 17.
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