RH Petrogas Reduces Stake in Block SK331 in Sarawak
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.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Operates 12 Offshore Rigs
- After Europe's Gas Market Disasters, LNG May Come to the Rescue (Dec 12)
- Petronas Unit Agrees Share Swap With Shell's Africa Operator (Dec 05)
- Malaysia's Petronas Asked To Exit Myanmar In Protest Of Rohingya Crisis (Nov 08)
Company: RH Petrogas Limited more info
- RH Petrogas Says 2P Reserves at Fuyu 1 PSC in China's Songliao Basin Up 28% (May 12)
- RH Petrogas' Unit Shelves Drilling at Fuyu 1 PSC in China's Jilin Province (Feb 29)
- RH Petrogas Replaces PetroChina as Operator of Basin PSC in Indonesia (Jan 05)