Announcement • Apr 29
RH PetroGas Limited Approves First and Final (Tax Exempt One-Tier) Dividend for the Financial Year Ended 31 December 2025 RH Petrogas Limited at its Annual General Meeting held on 28 April 2026 approved a first and final (tax exempt one-tier) dividend of 0.30 Singapore cents per ordinary share for the financial year ended 31 December 2025. Reported Earnings • Apr 17
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: US$0.003 (down from US$0.017 in FY 2024). Revenue: US$77.6m (down 16% from FY 2024). Net income: US$2.54m (down 83% from FY 2024). Profit margin: 3.3% (down from 16% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) also missed analyst estimates by 66%. Revenue is expected to decline by 5.7% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Asia are expected to grow by 1.3%. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Apr 13
RH PetroGas Limited, Annual General Meeting, Apr 28, 2026 RH PetroGas Limited, Annual General Meeting, Apr 28, 2026, at 10:00 Singapore Standard Time. Location: 1 harbourfront place, harbourfront tower one, 07-02, singapore 098633, Singapore Price Target Changed • Mar 14
Price target increased by 7.3% to S$0.26 Up from S$0.24, the current price target is provided by 1 analyst. New target price is 5.2% above last closing price of S$0.25. Stock is up 66% over the past year. The company is forecast to post earnings per share of US$0.0078 for next year compared to US$0.003 last year. Recent Insider Transactions Derivative • Mar 12
Group CEO & Executive Director exercised options to buy S$368k worth of stock. On the 10th of March, Cheng-Hsing Chang exercised options to buy 2m shares at a strike price of around S$0.15, costing a total of S$225k. This transaction amounted to 50% of their direct individual holding at the time of the trade. Since March 2025, Cheng-Hsing's direct individual holding has decreased from 6.00m shares to 3.00m. Company insiders have collectively sold S$525k more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Mar 11
Group CEO & Executive Director recently sold S$750k worth of stock On the 9th of March, Cheng-Hsing Chang sold around 3m shares on-market at roughly S$0.25 per share. This transaction amounted to 50% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Cheng-Hsing's only on-market trade for the last 12 months. New Risk • Mar 09
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.3% Last year net profit margin: 16% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.7% average weekly change). Profit margins are more than 30% lower than last year (3.3% net profit margin). New Risk • Mar 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Singaporean stocks, typically moving 9.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 15% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (9.3% average weekly change). Announcement • Feb 21
RH PetroGas Limited Provides Group Earnings Guidance for the Fourth Quarter and Full Year Ended 31 December 2025 RH PetroGas Limited provided group earnings guidance for the fourth quarter and full year ended 31 December 2025. The Board of Directors of RH Petrogas Limited informed that based on a preliminary review of the unaudited consolidated financial results of the Company and its subsidiaries (the "Group"), the Group is expected to record a net loss for the quarter ended 31 December 2025 ("4Q 2025"), as compared to a net profit for the corresponding quarter in the previous year. The expected loss for Fourth Quarter 2025 is mainly attributable to the write-off of exploration and evaluation expenditures of around USD 4.7 million net to the Group's working interest, in relation to the unsuccessful Karim-1 exploration well drilled in the Kepala Burung Production Sharing Contract ("PSC").
Notwithstanding the loss incurred for Third Quarter 2025 and the expected loss for Fourth Quarter 2025, the Group is projected to remain profitable for the full financial year ended 31 December 2025 ("12M 2025"). Announcement • Jan 24
RH Petrogas Limited Updates on Scheduled Exploration Well Drilling The Board of Directors of RH Petrogas Limited refers to its upcoming drilling of the Northwest Klagagi-1 ("NWK-1") exploration well in the Arar block of the Kepala Burung Production Sharing Contract ("PSC"), Southwest Papua, Indonesia. The well spudding, which was initially targeted for February 2026 following the completion of the Karim-1 exploration well, will be subject to a delay. The delay is primarily attributable to external factors including intermittent access road obstructions to the NWK-1 well site by a small pocket of local village, which the Group is making steady progress in resolving in coordination with local government and other relevant stakeholders, as well as challenging road conditions caused by heavy rain in recent weeks. Barring further unforeseen circumstances, the Group expects the spudding of the NWK-1 well to take place around the end of the first quarter of 2026. In the interim, the Group has strategically redeployed its drilling rig, Petrogas Rig #3, for workover and well services within the Arar block, ensuring productive use of resources while preparations for Northwest Klagagi-1 are being finalised. The Company will provide further updates on the Northwest Klagagi- 1 well in due course. New Risk • Dec 15
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: S$127.9m (US$99.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 15% per year for the foreseeable future. Minor Risk Market cap is less than US$100m (S$127.9m market cap, or US$99.2m). Board Change • Dec 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Morin Pierre was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2025 earnings released: US$0.004 loss per share (vs US$0.004 profit in 3Q 2024) Third quarter 2025 results: US$0.004 loss per share (down from US$0.004 profit in 3Q 2024). Revenue: US$19.5m (down 14% from 3Q 2024). Net loss: US$3.24m (down 204% from profit in 3Q 2024). Revenue is forecast to decline by 5.9% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: US$0.003 (vs US$0.005 in 2Q 2024) Second quarter 2025 results: EPS: US$0.003 (down from US$0.005 in 2Q 2024). Revenue: US$18.7m (down 23% from 2Q 2024). Net income: US$2.79m (down 27% from 2Q 2024). Profit margin: 15% (in line with 2Q 2024). Revenue is forecast to decline by 5.6% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Major Estimate Revision • May 15
Consensus EPS estimates fall by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$88.1m to US$86.2m. EPS estimate also fell from US$0.0115 per share to US$0.0092 per share. Net income forecast to shrink 31% next year vs 8.3% growth forecast for Oil and Gas industry in Singapore . Consensus price target of S$0.25 unchanged from last update. Share price was steady at S$0.14 over the past week. Announcement • Apr 15
RH Petrogas Limited Announces the Cessation of Dato' Sri Dr Tiong Ik King as Member of the Audit Committee RH PetroGas Limited Board of Directors announced the following with effect from 15 April 2025: Dato' Sri Dr Tiong Ik King, Non-Executive and Non-Independent Director of the Company will cease to be a member of the Audit Committee of the Company. Following the above change, the Audit Committee of the Company shall be as follows: Ms Kuan Li Li as Chairman, Mr. Khoo Kar Khoon as Member, Dr Butler Andrew John as Member and Ms Lelaina Lim Siew Li as Member. The composition of Nominating Committee and Remuneration Committee of the Company remain unchanged. Reported Earnings • Apr 12
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: US$0.017 (up from US$0.003 in FY 2023). Revenue: US$92.5m (down 1.7% from FY 2023). Net income: US$14.6m (up 461% from FY 2023). Profit margin: 16% (up from 2.8% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 7.8%. Earnings per share (EPS) exceeded analyst estimates by 24%. Revenue is expected to fall by 7.5% p.a. on average during the next 3 years compared to a 1.1% decline forecast for the Oil and Gas industry in Asia. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Announcement • Apr 11
RH PetroGas Limited, Annual General Meeting, Apr 28, 2025 RH PetroGas Limited, Annual General Meeting, Apr 28, 2025, at 10:00 Singapore Standard Time. Location: 1 harbourfront place, harbourfront tower one, 07-02, singapore 098633, Singapore Price Target Changed • Mar 06
Price target increased by 10.0% to S$0.25 Up from S$0.23, the current price target is provided by 1 analyst. New target price is 66% above last closing price of S$0.15. Stock is down 3.2% over the past year. The company is forecast to post earnings per share of US$0.015 for next year compared to US$0.0031 last year. Board Change • Dec 11
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Director Ferry Hakim was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 06
RH PetroGas Limited Approves the Appointment of Ferry Hakim as President Director of RH Petrogas' Subsidiaries in Indonesia RH PetroGas Limited announced that upon the recommendation of the Nominating Committee, which had reviewed the qualification and experience of Mr. Ferry Hakim, Age 48, the Board of Directors approved his appointment as President Director of RH Petrogas' subsidiaries in Indonesia. Role And Responsibilities: Non-Executive. Job Title: President Director, RH Petrogas' subsidiaries in Indonesia. Working Experience: September 2023 - November 2024, Senior Manager, Exploration and Development, Petrogas Basin Ltd. December 2021 - August 2023, Exploration Manager, Petrogas Basin Ltd. 2015 - 2021, Exploration Manager, Tately N.V & Zaratex N.V. 2013 - 2015, New Venture Team Leader, Pexco Energy & Tately N.V. Professional Qualifications: Master of Science in Basin Evolution and Dynamics, Department of Geology, Royal Holloway College, University of London, UK. Bachelor Degree, Department of Geology, Bandung Institute of Technology. Date of appointment: November 19, 2024. Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: US$0.004 (vs US$0 in 3Q 2023) Third quarter 2024 results: EPS: US$0.004 (up from US$0 in 3Q 2023). Revenue: US$22.6m (down 12% from 3Q 2023). Net income: US$3.13m (up US$3.00m from 3Q 2023). Profit margin: 14% (up from 0.5% in 3Q 2023). Revenue is expected to fall by 3.9% p.a. on average during the next 3 years compared to a 1.6% decline forecast for the Oil and Gas industry in Asia. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. New Risk • Nov 11
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: S$129.5m (US$97.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (9.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.6% net profit margin). Market cap is less than US$100m (S$129.5m market cap, or US$97.2m). New Risk • Oct 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Singaporean stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.6% net profit margin). Announcement • Aug 22
RH Petrogas Limited Announces Update on the Piarawi-1 Well in the Salawati PSC, Indonesia 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. New Risk • Aug 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 16% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.6% net profit margin). Market cap is less than US$100m (S$106.9m market cap, or US$80.8m). Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: US$0.005 (vs US$0.001 loss in 2Q 2023) Second quarter 2024 results: EPS: US$0.005 (up from US$0.001 loss in 2Q 2023). Revenue: US$24.3m (up 19% from 2Q 2023). Net income: US$3.82m (up US$4.46m from 2Q 2023). Profit margin: 16% (up from net loss in 2Q 2023). Revenue is forecast to decline by 3.7% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • May 10
RH Petrogas Limited Announces Striking Off of Dormant Wholly-Owned Subsidiary RH Petrogas Global Ventures Limited The Board of Directors of RH Petrogas Limited announced that the Company has obtained confirmation from the Official Gazette of the British Virgin Islands published on 8 May 2024, that RH Petrogas Global Ventures Limited, its indirect wholly-owned subsidiary incorporated in the BVI, has been struck off from the BVI Register of Companies with effect from 1 May 2024. RHPGV has been dormant with no future plans for it and the Company has decided not to renew its annual business licence in BVI. The striking off is not expected to have any material impact on the net tangible assets or earnings per share of the Company for the financial year ending 31 December 2024. Buy Or Sell Opportunity • May 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.9% to S$0.17. The fair value is estimated to be S$0.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 1.3% per annum. Earnings are forecast to grow by 5.3% per annum over the same time period. Announcement • Apr 24
RH PetroGas Limited Appoints Lim Siew Li as Independent Director, Chairman of Nominating Committee and Audit Committee Member RH PetroGas Limited announced appointment of Lim Siew Li as Independent Director of the Company. Job Title: Independent Director, Chairman of Nominating Committee and Audit Committee Member. Working Experience: 2017 to 2023 Group Chief Financial Officer - Eu Yan Sang International Limited 2014 to 2017 Group Finance Director - Al Futtaim Private Co LLC. Other Director Ships Past: Directorship: Eu Yan Sang Holdings Pte Ltd. Eu Yan Sang Marketing S Pte Ltd. Other Director Ships Present: Directorship: The Ground Co Ltd. Sand Art Limited (Cayman Island) - Dormant. Director Experience Details: 1. Act as the Group Financial Controller and director of its subsidiarlies from 1992 to 2003 for Oakwell Engineering Limited; 2. Act as Group Financial Controller and Directors for GRP Limited Group of Companies from 2008 to 2012. However, the Company will arrange for Ms Lim to receive training in the roles and responsibilities of a listed company in Singapore as prescribed by the SGX-ST. Professional Qualifications: Fellow Chartered Accountant with Institute of Singapore Chartered Accountants. Reported Earnings • Apr 13
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: US$0.003 (down from US$0.024 in FY 2022). Revenue: US$94.1m (down 10% from FY 2022). Net income: US$2.60m (down 87% from FY 2022). Profit margin: 2.8% (down from 19% in FY 2022). Revenue missed analyst estimates by 6.7%. Earnings per share (EPS) also missed analyst estimates by 68%. Revenue is expected to fall by 1.3% p.a. on average during the next 3 years compared to a 1.1% decline forecast for the Oil and Gas industry in Asia. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 96% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 11
RH PetroGas Limited, Annual General Meeting, Apr 26, 2024 RH PetroGas Limited, Annual General Meeting, Apr 26, 2024, at 10:00 Singapore Standard Time. Location: 20 Harbour Drive #06-03 Singapore Singapore Agenda: To receive and adopt the Directors' Statement and Audited Consolidated Financial Statements for the financial year ended 31 December 2023 together with the Auditors' Report thereon; to approve the payment of Directors' fees amounting to S$514,100 for the financial year ended 31 December 2023; to re-elect Mr Chang Cheng-Hsing, Francis as a Director; to re-elect Dr Butler Andrew John as a Director; to re-appoint Messrs Ernst & Young LLP as Auditors and to authorise the Directors to fix their remuneration; and to authorise the Directors to allot and issue new shares in the Company and convertible securities. Buy Or Sell Opportunity • Mar 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to S$0.16. The fair value is estimated to be S$0.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Feb 28
RH PetroGas Limited to Report Fiscal Year 2023 Results on Feb 27, 2024 RH PetroGas Limited announced that they will report fiscal year 2023 results on Feb 27, 2024 Reported Earnings • Feb 28
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: US$0.003 (down from US$0.024 in FY 2022). Revenue: US$94.1m (down 10% from FY 2022). Net income: US$2.60m (down 87% from FY 2022). Profit margin: 2.8% (down from 19% in FY 2022). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 6.7%. Earnings per share (EPS) also missed analyst estimates by 68%. Revenue is forecast to grow 2.2% p.a. on average during the next 2 years, compared to a 1.8% decline forecast for the Oil and Gas industry in Asia. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 77% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Feb 26
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: S$132.0m (US$98.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.9% per year for the foreseeable future. Minor Risks Profit margins are more than 30% lower than last year (11% net profit margin). Market cap is less than US$100m (S$132.0m market cap, or US$98.2m). New Risk • Nov 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Singaporean stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.9% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Profit margins are more than 30% lower than last year (11% net profit margin). Announcement • Oct 07
RH PetroGas Limited Updates on the RIAM-1 Exploration Well in Kepala Burung PSC, Indonesia RH Petrogas Limited provided an update on the recently completed drilling. The well is located onshore in the Kepala Burung Production Sharing Contract ("PSC"), Southwest Papua, Indonesia. The well encountered operational challenges at the shallower shale section during drilling and had to be sidetracked before reaching target reservoir. Weak hydrocarbon shows were observed while drilling, however subsequent wireline logging conducted indicates that the target reservoir is water wet. As a result, Riam-1 will be plugged and abandoned at its current depth of 3,654 feet. In light of this outcome, one of the wells in this year's drilling programme, the Walio-322 development well, will not be drilled as it was contingent on the success of Riam-1. The Company will conduct a post-mortem review of the Riam-1 well as it continues to evaluate and refine its future exploration strategy for the block. The total cost of the Riam-1 exploration well is estimated at USD 5.9 million net to the Group's working interest, which will be expensed in 2023. Major Estimate Revision • Aug 25
Consensus EPS estimates fall by 48%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from US$95.7m to US$100.0m. EPS estimate fell from US$0.0185 to US$0.0096 per share. Net income forecast to grow 18% next year vs 0.01% growth forecast for Oil and Gas industry in Singapore. Consensus price target down from S$0.26 to S$0.24. Share price rose 2.7% to S$0.19 over the past week. Announcement • Aug 23
Rh Petrogas Limited Announces Announcement of Cessation of Achmad Lukman Kartanegara as Independent Director RH PetroGas Limited announced Mr. Achmad Lukman Kartanegara having served as an Independent Director for nine years, is stepping down as Director. Reported Earnings • Aug 13
First half 2023 earnings released: EPS: US$0.003 (vs US$0.015 in 1H 2022) First half 2023 results: EPS: US$0.003 (down from US$0.015 in 1H 2022). Revenue: US$43.0m (down 24% from 1H 2022). Net income: US$2.34m (down 81% from 1H 2022). Profit margin: 5.4% (down from 22% in 1H 2022). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 1.2% p.a. on average during the next 3 years compared to a 3.5% decline forecast for the Oil and Gas industry in Asia. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has increased by 105% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 12
RH PetroGas Limited Appoints Butler Andrew John as Independent Director Upon the recommendation of the Nominating Committee, which had reviewed the qualification and experience of Dr. BUTLER Andrew John, the Board of Directors of RH PetroGas Limited approved his appointment as an Independent Director of the Company. Role And Responsibilities: Non-Executive. Working Experience: 2016 - current, CEO, SundaGas Pte. Ltd. 2011 - 2016, VP Business Development, Mitra Energy Inc. Other DirectorShips Past: 1. SundaGas (Holdings) Pte. Ltd. 2. SundaGas (Indonesia) Pte. Ltd. 3. SundaGas Cambodia Pte. Ltd. 4. SundaGas Borneo B.V. 5. SundaGas Indonesia Telen B.V. Other DirectorShips Present: 1. Executive Director, SundaGas Pte Ltd. 2. Executive Director, SundaVolt Pte Ltd. 3. Executive Director, SundaGas (Timor-Leste Sahul) Pte Ltd. 4. Executive Director, SundaGas Banda Unipessoal Lda 5. Executive Director, Baron Oil Plc 6. Vice President, SE Asia Petroleum Exploration Society (SEAPEX). Professional Qualifications: Ph.D. Geology, University of Cambridge; Bachelor of Arts in Geology, University of Oxford. Reported Earnings • Apr 13
Full year 2022 earnings released: EPS: US$0.024 (vs US$0.032 in FY 2021) Full year 2022 results: EPS: US$0.024 (down from US$0.032 in FY 2021). Revenue: US$104.9m (up 27% from FY 2021). Net income: US$20.1m (down 15% from FY 2021). Profit margin: 19% (down from 29% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is expected to fall by 5.0% p.a. on average during the next 3 years compared to a 6.2% decline forecast for the Oil and Gas industry in Asia. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has increased by 123% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 25
Full year 2022 earnings released: EPS: US$0.024 (vs US$0.032 in FY 2021) Full year 2022 results: EPS: US$0.024 (down from US$0.032 in FY 2021). Revenue: US$104.9m (up 27% from FY 2021). Net income: US$20.1m (down 15% from FY 2021). Profit margin: 19% (down from 29% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has increased by 100% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 09
RH PetroGas Limited Announces Appointment of Khoo Kar Khoon as Independent Director RH PetroGas Limited announced that upon the recommendation of the Nominating Committee, which had reviewed the qualification and experience of Mr. Khoo Kar Khoon, the Board of Directors approved his appointment as an Independent Director of the Company. Working Experience: January 2020 - current, Senior Advisor, Ekuiti Nasional Berhad (Ekuinas); July 2008 - June 2016, Communications Director, Nestle Products Sdn Bhd. Other DirectorShips Present: Senior Advisor, Ekuiti Nasional Berhad (Ekuinas); Independent Non-Executive Director, Media Chinese International Limited; Chairman of the Nomination Committee and member of the Audit and Remuneration Committees, Media Chinese International Limited. Professional Qualifications: Associate Member of Chartered Institute of Management Accountants (ACMA, UK). Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Non-Executive & Non-Independent Director Timothy Tiong was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Non-Executive & Non-Independent Director Timothy Tiong was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 13
RH PetroGas Limited to Report First Half, 2022 Results on Aug 13, 2022 RH PetroGas Limited announced that they will report first half, 2022 results on Aug 13, 2022 Reported Earnings • Aug 13
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down US$6.95m from profit in 1H 2021). Profit margin: (down from 18% in 1H 2021). The decrease in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 108% per year whereas the company’s share price has increased by 105% per year. Announcement • Jun 01
RH PetroGas Limited Appoints Timothy Tiong Ing Zun as Non-Executive and Non-Independent Director, Effective June 1, 2022 RH PetroGas Limited announced appointment of Timothy Tiong Ing Zun as a Non-Executive and Non-Independent Director of the Company. Working Experience: January 2011 - June 2013, Project Manager, Rimbunan Sawit Bhd; June 2017 - current, Senior Manager, Rimbunan Sawit Bhd. Other Directorships Present: Senior Manager, Rimbunan Sawit Bhd; Director, Pelita-Splendid Plantation Sdn Bhd; Director, PJP Pelita Biawak Plantation Sdn Bhd; Director, PJP Pelita Ekang-Banyok Plantation Sdn Bhd; Director, PJP Pelita Ulu Teru Plantation Sdn Bhd; Director, Rajang Builders Sdn Bhd; Director, RSB Palm Oil Mill Sdn Bhd; Director, Pelita Melor Sdn Bhd; Director, RH Agrotech Sdn Bhd; Director, Rona Hijau Sdn Bhd; Director, Masian Jaya Sdn Bhd; Council Member, Sarawak Oil Palm Plantation Owners. Professional Qualifications: Bachelor of Science degree in Chemistry, University of California Los Angeles; United States of America; Master of Science in Material Science & Engineering, National University of Singapore; Master in Business Administration, INSEAD. Appointment Date is June 1, 2022. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Li Li Kuan was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 15
Full year 2021 earnings released: EPS: US$0.032 (vs US$0.005 loss in FY 2020) Full year 2021 results: EPS: US$0.032 (up from US$0.005 loss in FY 2020). Revenue: US$82.5m (up 63% from FY 2020). Net income: US$23.6m (up US$27.3m from FY 2020). Profit margin: 29% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has increased by 92% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 13
RH PetroGas Limited, Annual General Meeting, Apr 28, 2022 RH PetroGas Limited, Annual General Meeting, Apr 28, 2022, at 10:00 Singapore Standard Time. Agenda: To consider Directors' Statement and Audited Financial Statements for the financial year ended 31 December 2021; to consider Approval of Directors' fees amounting to SGD 429,450; to consider Re-election of Mr. Achmad Lukman Kartanegara as a Director; to consider Re-election of Ms. Kuan Li Li as a Director; Re-appointment of Messrs. Ernst & Young LLP as Auditors; to consider Authority to allot and issue new shares in the Company and make/grant/offer Instruments; to consider the Proposed Grant of Options Under the RHP Share Option Scheme 2011 to Dato' Sri Dr Tiong Ik King; and to consider other matters. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$0.032 (up from US$0.005 loss in FY 2020). Revenue: US$82.5m (up 63% from FY 2020). Net income: US$23.6m (up US$27.3m from FY 2020). Profit margin: 29% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 59% per year, which means it is significantly lagging earnings growth. Announcement • Feb 26
RH PetroGas Limited to Report Fiscal Year 2021 Results on Feb 24, 2022 RH PetroGas Limited announced that they will report fiscal year 2021 results on Feb 24, 2022 Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Director Li Li Kuan was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$22.2m (up 87% from 3Q 2020). Net income: US$4.72m (up US$4.89m from 3Q 2020). Profit margin: 21% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Recent Insider Transactions Derivative • Jul 02
Group CEO & Executive Director exercised options to buy S$613k worth of stock. On the 30th of June, Cheng-Hsing Chang exercised options to buy 4m shares at a strike price of around S$0.058, costing a total of S$204k. As of today, Cheng-Hsing currently holds no shares directly. This was the only transaction from an insider over the last 12 months. Reported Earnings • Apr 18
Full year 2020 earnings released: US$0.005 loss per share (vs US$0.003 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: US$50.5m (down 23% from FY 2019). Net loss: US$3.73m (down 276% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 28
Full year 2020 earnings released: US$0.005 loss per share (vs US$0.003 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: US$50.5m (down 23% from FY 2019). Net loss: US$3.73m (down 276% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 96% per year but the company’s share price has only fallen by 32% per year, which means it has not declined as severely as earnings. Announcement • Feb 26
RH PetroGas Limited Provides Update on Oil and Gas Reserves and Resources Following an Independent Audit RH PetroGas Limited announced that its reserve evaluator, RPS Energy Consultants Limited, has completed its independent summary qualified person report with respect to the oil and gas reserves and resources of the Company and its subsidiaries as of January 1, 2021. Based on the QPR, the aggregate proved plus probable reserves of oil and gas as of January 1, 2021 attributable to the Group's effective working interests of its upstream oil and gas assets was around 36.7 million barrels of oil equivalent. This represents an increase of approximately 22% over the Group's booked 2P reserves of 30 MMBOE as at 1 January 2020. The increase was due to reserves upgrade by RPS based on their review of the latest production performance and updates to the field development plans, as well as the reclassification of a portion of contingent resources to reserves due to improved economics. The reclassification of contingent resources to reserves contributed mainly to the decrease in the best estimate contingent resources attributable to the Group's effective working interests, which fell by around 5% to around 63.6 MMBOE as of January 1, 2021.