RH Petrogas Confirms Oil, Gas Condensate Resources in Indonesian Well; Shares Surge 7%
MT Newswires09-02
RH Petrogas (SGX:T13) said a well-testing operation at the Northwest Klagagi-1 well in Indonesia confirmed strong gas-condensate deliverability, along with an unexpected oil discovery, according to a Tuesday filing with the Singapore Exchange.
The upstream oil and gas company's subsidiary, Petrogas (Basin) had drilled the well across three drill stem tests.
Testing of two areas showed strong flows in the Upper Kais intervals, while the deeper zones only recovered formation water.
Shares of the company were up nearly 6% in Wednesday trading.
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