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Petrogas Relinquishes Interest in Malaysia Onshore Block

Gasoil News - Published on Tue, 02 Jun 2020

Image Source: RH Petrogas
RH Petrogas has announced that its subsidiary RHP (Mukah) Pte. Ltd will not be seeking a further extension of the Block SK331 Production Sharing Contract when its current exploration period expires on 5 June 2020. The Group has arrived at this decision after taking into consideration the block’s geological risks and the magnitude of additional exploratory works required to further appraise the prospectivity of the block, as well as the current challenging business environment facing the oil and gas industry. As such, the Group will be proceeding to relinquish the block, which is located onshore Sarawak, East Malaysia.

The Group is expected to incur expenses of approximately US$130 000 in relinquishment costs during the financial year ending 31 December 2020 covering retrenchment costs for RHPM employees, professional fees and other related expenses. The relinquishment process of the SK331 block is expected to be fully completed before the end of the year.

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Posted By : Yogender Pancholi on Tue, 02 Jun 2020
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