Singapore Stock Market News
RH Petrogas Limited - Wait and see
StockFanatic
Publish date: Tue, 11 Aug 2015, 03:03 PM
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● We see RH Petrogas, with predominantly crude production, taking a capital preservation stance, even though it has capacity to take on debt. At Fuyu-1 block (its main catalyst) located in China, 14 wells were drilled as at end-July 2015, against a target of 40-100 development wells in 2015.
● First production from Fuyu-1 is uncertain even though RHP had earlier guided a spring 2015 start-up. Our 2015 estimates for Fuyu-1 contribution are marginal given its back-end loaded drilling profile. We expect 2015 production to be close to 2014 at ~4,000boe/d from two Indonesian PSCs.
● Given the company's plans to cut back on capex and defer development drilling at North Klalin field in Indonesia, we reduce its borrowing in our model in 2015 which leads to slightly improved earnings in 2015 on lower interest payment.
● We cut our target price to S$0.30/sh from S$0.40/sh. Given the supply-driven oil price uncertainty and RHP's conservative stance, we increase our risk factor on the second phase of Fuyu-1 Block from 50% to 30%. Maintain NEUTRAL.
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