expanding our horizon - rh petrogas limited - ir...

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Expanding Our Horizon Corporate Presentation

November 2013


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Disclaimer

2

The information set out in this presentation has been produced by RH Petrogas Limited as of 26 November 2013. This

presentation and the information contained herein does not constitute an offer to sell or an invitation to purchase any

securities in, or any underlying assets of RH Petrogas Ltd, nor is it intended to form any part of any investment

decision.

For the avoidance of doubt, RH Petrogas Ltd, including its subsidiaries, associated companies, and their respective

directors, employees, or advisers makes no express or implied representation or warranty and no responsibility or

liability is accepted by any of them with respect to the accuracy or completeness of the information set forth in this

presentation. Nothing contained herein is, or shall be relied upon as, a promise or a representation regarding the

historic or current position or performance, or any future events or performance of RH Petrogas Ltd. Parties should

make their own assessment, undertake such investigations as they see fit and obtain their own independent legal or

other advice thereon.

This presentation may include certain forward-looking statements. All statements, other than statements of historical

facts, that address activities, events or developments that RH Petrogas Ltd expects or anticipates will or may occur in

the future are forward-looking statements. RH Petrogas Ltd’s actual results or developments may differ materially from

those indicated by these forward-looking statements as a result of various factors and uncertainties, including but not

limited to price fluctuations, actual demand, exchange rate fluctuations, market shares, competition, environmental

risks, changes in legal, financial and regulatory frameworks, international economic and financial market conditions,

political risks, project delay, project approval, cost estimates and other risks and factors beyond the control of RH

Petrogas Ltd. In addition, RH Petrogas Ltd makes the forward-looking statements referred to in this presentation as of

today and undertakes no obligation to update these statements.

This presentation was prepared exclusively for the parties presently being invited for the purposes of discussion.

Neither this presentation nor any of its content may be used without the prior written consent of RH Petrogas Ltd. This

presentation contains proprietary and confidential information regarding RH Petrogas Ltd.



Table of contents

A. Investment highlights 4-14

B. Business overview 15-35

C. Financial overview 36-37

D. Way forward 38-40

3

Page


All rights reserved. No contents can be reproduced without prior written consent of RH Petrogas Ltd. 4

A. Investment highlights



Investment highlights

5

1 Independent SGX-listed oil and gas E&P company with strong growth potential

2 Proven successful track record

3 Diversified E&P portfolio with 5 PSCs in Asia region with production of 4,300 BOEPD in 2012

6 Good knowledge and strong network with access to opportunities in the region

to drive company’s growth

4 Strong major shareholder support with extensive network

5 Highly experienced management team



MMBOE

Net Working Interest Reserves/Resources

RH Petrogas is an independent small cap E&P company listed on SGX

Potential rapid growth in production from current portfolio

Significant exploration upside

─ 1,030 MMBOE of unrisked prospective resources

2012 average net working interest production of 4,300 BOEPD

Conversion of contingent resources to 2P reserves in 2014

1 Independent E&P operator listed on SGX

with significant exploration upside

6

2P 2C Unrisked Prospective Resources

(Best estimate)

11

65

1,030


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2 Proven successful track record

7

Nov 13 ▪ Drilling operations completed for Klalin-15 and Klalin-17 development wells onshore Basin. Both

wells scheduled to be tested in 4Q 2013

Oct 13 ▪ Spudding of Klagalo-1 exploration well to test the Klagalo prospect in the Kais Limestone reservoir.

Oct 13 ▪ Completion of placement of up to 116,000,000 new ordinary shares @S$0.63 per share.

Sep 13 ▪ Completed drilling of Klalin-14 development well in Basin PSC, Indonesia with good flow test results.

Sep 13 ▪ Completed 12,414.2 line KM of aeromagnetic survey on SK331, Malaysia

Sep 13 ▪ Spudding of high impact well Zircon-1 in Island PSC, Indonesia

Jun 13 ▪ North Klalin-2 oil discovery in Basin PSC, Indonesia

Dec 12 ▪ North Klalin-3 discovery in Basin PSC, Indonesia

Dec 12 ▪ Signed SK331 PSC with Petronas Malaysia

Aug 12 ▪ Completed debt conversion exercise by converting US$61.5MM of debt into 157,455,957 new

ordinary shares at the issue price of S$0.492 per share

Aug 12 ▪ Received ODP approval on Fuyu-1 PSC from CNPC

Oct 11 ▪ Gas & condensate discovery of North Klalin, Basin PSC, gas discovery in Fuyu, China

Aug 11 ▪ 240 km of 2D seismic completed for West Belida, Indonesia and drilled Giltar-1 well with 800ft gross

column of oil shows in Nov 2011

Feb 11 ▪ Full year results - turned around company to be profitable

Dec 10 ▪ Completed acquisition of Lundin’s and PearlOil’s interests in the Basin PSC (60% W.I.) and Island

PSC (33.2142% W.I.) in West Papua, Indonesia

Aug 10 ▪ Completed divestment of electronics business

Jun 10 ▪ Acquired Orchard Energy Pte Ltd (“OE”) from Temasek, together with its Management Team. OE

holds an interest in and is operator of West Belida PSC in South Sumatra, Indonesia

Nov 09 ▪ Renamed as RH Petrogas Ltd to reflect its new focus in the oil and gas business

Aug 09 ▪ Diversified into upstream oil & gas business by acquiring Kingworld Resources Ltd (“KRL”), operator

of Fuyu-1 PSC in Jilin, onshore China

1993 ▪ Tri-M Technologies (S) Ltd” engaged in the electronics manufacturing business, listed on SGX



Assets Across the Life-Cycle Locations & Share of Production

Map

PSC Country Production Exploration Development

Basin

Island

West

Belida

Fuyu-1

SK331

Indonesia

Indonesia

Indonesia

China

Malaysia

√

• Balanced and diversified assets located in three countries – Indonesia,

China and Malaysia

Where Are We

W. Belida

94%

Island

33%

Basin

60%

SK331

80%

Fuyu-1

49%

8

3

√ √

√ √ √

√

√ √

√



3 Area of focus

9

Leverage strong relationships

and technical knowledge of

management and controlling

shareholders

Expand footprint for diversified

growth

Songliao Basin

Song Hong Basin

Khorat Plateu Basin

Myanmar Basin

Pearl River Mouth Basin

Cuu Long Basin

Nam Con Son Basin

Palawan Basin

Tarakan Basin

Kutai Basin

Salawati / Bintuni Basin

Papuan Basin

Sarawak / Sabah Basin

Pattani Basin

Malay Basin

Natuna Basin

North Sumatra Basin

Central Sumatra Basin

South Sumatra Basin

West Java Basin

East Java Basin



4 Effective strategy

10

Acquire high quality, low-to-

medium risk oil & gas assets with

focus in Asia

Increase reserves

and production

organically from

current assets portfolio

for stable recurring

income

Commit to

sustainable practices

through corporate

social responsibility

(CSR) initiatives

Maintain strong

investment

discipline and

strengthen our

balance sheet

Strengthen

operatorship

capabilities with

strong HSE

emphasis

1

2

3 4

5



5 Strong major shareholder support with

extensive network

BOARD OF DIRECTORS

Tan Sri Datuk Sir Tiong Hiew King Executive Chairman

Dato’ Sri Dr Tiong Ik King Executive Director

Dr Tony Tan Group CEO and Executive Director

Peter Ng Choong Joo Executive Director

Abbasbhoy Haider Nakhoda Independent Director

Bernard Yeo Yun Seng Independent Director

Lee Hock Lye Independent Director

TAN SRI DATUK SIR TIONG HIEW KING

CHAIRMAN OF RH GROUP, A MULTINATIONAL DIVERSIFIED CONGLOMERATE

IN TIMBER, PALM OIL, MEDIA, OIL & GAS AND OTHERS

Chairman of RH Petrogas Ltd

Chairman of Rimbunan Sawit Bhd

Chairman of Media Chinese International Ltd

June 2009 – bestowed the Knight Commander of the Most Excellent Order of the

British Empire (K.B.E.) by Queen Elizabeth II of the United Kingdom

March 2013– ranked Malaysia’s 9th richest person by Forbes

RH Petrogas is 64.6% owned by the Tiong family as at 8 Nov 13

11



Over 35 years of oil & gas experience

Previously CEO of Orchard Energy Pte Ltd (subsidiary of Temasek)

Was Senior VP, Exploration & Production, of Singapore Petroleum Company Ltd (SPC) from 2000-

2008

Previously head of Gaffney Cline’s Asia-Pacific operations.

16 years of international E&P management with major oil and gas company – USA/Canada

6 Highly experienced management team

Over 20 years of oil & gas experience involving both upstream and downstream sectors

Spent 18 years with Singapore Petroleum Company Ltd (SPC), played a key role in many

successful acquisitions and joint ventures

Led SPC’s E&P asset team responsible for managing the company’s entire portfolio of upstream

exploration and production assets

Over 35 years’ experience with US based major and independent oil companies

Worked in major producing basins around the world, particularly the Asia Pacific region

Held management and executive positions for 8 years with GNT International Group, Texas

American Resources, Kerr McGee/Anadarko Petroleum based in Beijing, China

18 years of corporate law experience

Previously legal counsel at SPC responsible for and managing a wide spectrum of projects and

areas.

Admitted as an advocate and solicitor in Singapore

Joined the Group in 2006 as internal audit manager

Previously Financial Controller and later as General Manager of a company in the RH Group in

South America

Fellow of the Association of Chartered Certified Accountants

FRANCIS CHANG

VP, E&P

EDWIN TAN

VP, Legal

GY THEN

VP, Finance

12

DR TONY TAN

Group CEO &

Executive

Director

We have on-the-ground staff with strong local experience in each of the countries (Indonesia, China, Myanmar,

Malaysia and Singapore) to manage current operation as well as exploring new opportunities

SAMUEL

CHEONG

VP, Commercial



Good knowledge and access to

opportunities in the region to drive company’s growth

2012 2018 2017 2016 2015 2014 2013

7

13

4,300

BOEPD

Acquisitions and further organic growth

from West Belida and SK331

Net production growth

Production and near term development

from Salawati and Fuyu-1

ILLUSTRATIVE



Strong partnerships

14

The Group has established strong partnerships with major national oil

companies in the Asia region:

• PetroChina- ( Basin PSC, Island PSC)

• China National Petroleum Corporation- ( Fuyu PSC)

• Pertamina- ( Basin PSC, Island PSC)

• Petronas – (SK331 PSC)

7



B. Business Overview



Fuyu-1 PSC

Basin PSC

Island PSC

West Belida PSC

SK331 PSC

Assets overview

16

Project

1 Producing

fields

Exploration

potential

Pre-

development

Working

interest

60%

33%

94%

Gross

Area

(sq km) Country

2

4

5

Operator-

ship

80%

3

1. Post CNPC back in (when field is in Development)

49%1

872

1,097

Onshore/

Offshore

On

On & Off

On

On

On

255

1,402

11,600

Contract

Expiry

date

2020

2020

2038

2039

2039

PetroChina

PetroChina

& Pertamina

* act as operators in the PSCs in China, Indonesia and Malaysia

*

*

*


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Fuyu-1 PSC

Basin PSC

Island PSC

West Belida PSC

SK331 PSC

Reserves and Resources overview

17

Project

1 Producing

fields

Exploration

potential

Pre-

development

Working

interest

60%

33%

94%

Country

2

4

5

2P

80%

3

1. Post CNPC back in (when field is in Development)

49%1

2C

Prospective

Resources

9 12 432

2 18 386

- 35 27

- - 5

- - 180

Total (MMBOE) 11 65 1,030








Growth of Reserves and Resources

Year 2P 2C Prospective

resources

2013

11

65

1,030

2014 30 46 1,030

(all units stated in MMBOE)

• Targeting to convert 19 MMBOE of 2C into 2P in 2014

18



Production - Basin & Island PSC, West Papua

(Indonesia)

19

West Papua

Basin

Island

50%

17%

33%

Pertamina

Petrochina

RH Petrogas

Kepala Burung

PSC

(“Basin”)

Salawati Kepala

Burung PSC

(“Island”)

Location

Area

Operator

Onshore

872 km2

PetroChina

Offshore & Onshore

1,097 km2

PetroChina &

Pertamina JOB

60% 30%

10%

PSC Expiry date 15 Oct 2020 22 Apr 2020

Over the last decade, production in the Basin and Island PSCs has sustained at a stable level through

exploration discoveries, in-fill development drillings and production optimization initiatives:

─ Net working interest 2P reserves (1/1/2013): 11 MMBOE (~92% oil)

─ 2012 average net working interest production : 4,300 BOEPD (~92% oil)



Prospects & Leads - Basin PSC (Indonesia)

20

Walio Area Arar Area

North Klalin Recreation Park

Net Unrisked Recoverable Prospective Resources

Walio and Arar 432 MMBOE

Large inventory of prospects and leads identified in Walio and Arar blocks




Near term focus

21

Klalin-17

Klalin-15

Klalin-14

Klagalo-1

Basin

Island

N Klalin-3

N Klalin-1

N Klalin-5

N Klalin-6

N Klalin-4

N Klalin-2

Klalin

North Klalin-1 well has been put on production in March 2012.

North Klalin-2 and 3 appraisal wells were successfully completed

and currently preparing for POP and POD (expected in Q2-2014)

North Klalin-3 to be put on production in Dec 2013

Infill drilling in Klalin field continues

Klalin and North Klalin Complex North Klalin’s net 2C

46 BCF

1.8 MMBC

9.5 MMBOE

Gas

Condensates

Total




Near Term Focus

22

Basin

Island

POD for SE Walio field is currently being prepared

2 development wells will be drilled upon POD approval

(expected in Q3-2014)

SE Walio’s net 2C

2.34 MMBO Oil

SE Walio

Walio

Southeast Walio Field




Near Term Focus

23

Klagalo-1 reached total depth of 2,157 meters on 6

November. The well is being completed for testing after

encouraging results from logs and SWC samples.

If successful, appraisal well Klagalo-2 will be drilled

directionally from Klagalo-1 well pad.

Klagalo Complex

Klagalo’s Net Unrisked Recoverable Prospective Resources

32.4 MMBOE Oil and Gas

W.KLAGAGI-1 KLAIMAS-1

may. ’2013 YPW.

= REEF OUTLINE

0

KM

1 0.5

KLAWATI-1

NORTH

402-290

RECREATION PARK (Current Boundary)

KLAGALO-1

PROPOSED LOCATION

KLAGALO-2

PROPOSED LOCATION

KLADARA-1

KAIS DEPTH STRUCTURE MAP CI 50 FT

PROPOSED LOCATION

E Klalin-1



Prospects & Leads - Island PSC (Indonesia)

24

Net 2C (17.7 MMBOE)

TBC 7.0 MMBOE

Koi 5.0 MMBOE

North Sele 5.7 MMBOE

Net Unrisked Recoverable Prospective

Resources

Koi Complex and Sele Strait 386 MMBOE

SALAWATI ISLAND

WEST PAPUA

TBC

TBA

Large prospects and leads identified in offshore Koi

Complex and Sele Strait

TBA oil field re-activation expected in Q4 2014;

tendering for FPSO (net 350 BOPD)

TBC gas and condensates revised POD to be

submitted in Q4 2013

Koi Complex

Sele Strait

N Sele




Near term focus

25

KOI

ZIRCON

GALENA

CORONDUM

ANDALUSITE

TOPAZ

EMERALD

ONYX

3D Area

TBC

TBA

Koi-1 discovery well drilled in 2000 flowed 980 BOPD and 2.7 MMSCFD on test

Completed 3D program in 2010. A planned multi-well drilling program commenced in Sept

2013 to appraise the Koi discovery and to explore Zircon, a much larger prospect

structurally updip and adjacent to Koi.

Koi Complex Potential

Koi Complex

Koi-1




Koi Discovery

26

Koi Discovery

Zircon Prospect

Discovered in 2000

Well tested 980 BOPD and 2.7 MMSCFD

Appraisal well to be drilled after Zircon-1

Zircon-1 had 40 feet oil shows but tested tight.

5 MMBO

Net 2C



Development - Fuyu-1 PSC (China)

27

35 MMBO

Net 2C

Area: 255 km2

Onshore NE China at southern extension of prolific

Songliao Basin

Acquired in August 2009

RH Petrogas operates with 100% working interest

CNPC back-in in production phase at 51%

PSC terms:

- Effective Date: Feb 1, 2008

- Evaluation Phase: 3 yrs plus extension

- Production Phase: 20 yrs

- KRL bears 100% costs during evaluation and

production phases

- 65% cost recovery, remainder is shared oil at

49% to RH Petrogas

Fu

Fuyu 1

Block




Yongping Field, ODP

28

Pilot Test Area Overall Development Plan (ODP) for Phase 1 was approved by

CNPC in August 2012, with final government approval expected in 4th

quarter of 2013

Shallow heavy crude, requires steam injection

Pilot program conducted with good results

Development and production to start upon final ODP approval

Crude Sales Agreement has been signed




Deeper zone exploration Upside

29

JF001

Heavy Oil

Pilot Test Area

JF002

JF001

JF001

Exploration well JF001 drilled into deeper zone and

reached TD at 2,272m in July 2011

Total net pay 30m, tested tight gas sand

Seismic reprocessing completed, interpretation ongoing

Planning 2nd deep well for 2014

Fracking of tight gas planned for both wells

162 BCF (27 MMBOE)

Net Unrisked Prospective Resources



Exploration - West Belida PSC, South Sumatra

(Indonesia)

30

0 100km

Central Palembang

Sub basin

Jambi Feet

P-50(prospective recoverableResources = 3.47 MMBO)

2820 2490

2035

N

Gitar-1

1,402 km2 awarded in May 2009

RH Petrogas operates with 94% W.I. (6% owned by PT Bayu Energy Lestari)

Located in the prolific South Sumatra Basin next to known producing trend of

Piano, Gambang, and Kenong fields

Proximity to existing infrastructure

240 km of 2D seismic completed in August 2011

Gitar-1 well reached TD of 4,000 ft in November 2012 with 800 feet gross

column of hydrocarbon shows.

Further studies and planning 2nd well in 2014

5 MMBO




Exploration - SK331 PSC, Sarawak (Malaysia)

31

Large onshore acreage - 11,600 km2

PSC signed Dec 6, 2012

RH Petrogas operates with 80% W.I., Petronas

Carigali 20%

Onshore extension of Balingian basin which

contains oil & gas fields offshore

Very good potential for oil & gas

Aerogravity / Aeromagnetic survey completed in

early August 2013.

Seismic acquisition planned in 2014 followed by

exploration well drilling.

Mukah Penian-1

Teres Bawan-1 Oya-1

Balingian Rajang-1

SK331

Tatau

Oya gas discovery

Bintulu

Recent Nippon Oil

& Gas discovery

Mukah-1 gas production

Oya-1 (1993) - tested 7.3 MMSCFD

Mukah-1 (1938) – produced 1 MMSCFD

for one year

Past discoveries within the block


180MMBOE (Work in progress)



PSC Q1 2013 Q2 2013 Q3 2013 Q4 2013

Basin 1 appraisal well 1 development well 2 development wells 1 exploration well

Island

1 exploration well

1 appraisal well

West Belida Seismic

Reprocessing G&G G&G

Fuyu-1 9- well pilot test

SK331 Aerogravity /

Aeromagnetic survey

Surface

Geochemistry

Total net drilling Capex for full year currently estimated at US$35 MM

2013 Work Program

Unlock value from existing assets and increase value from potential discoveries








PSC Q1 2014 Q2 2014 Q3 2014 Q4 2014

Basin 2 development wells

2 development wells 4 development wells 1 development well 1 appraisal well

Island

West Belida 1 exploration well G&G

Fuyu-1 20 development wells 20 development wells

1 deep exploration well

SK331

700 km seismic acquisition and processing

Total net drilling Capex for full year currently estimated at US$60 MM

2014 Work Program

Unlock value from existing assets and increase value from potential discoveries








Upcoming News Flow

Time

frame PSC Events

Dec 2013 Basin Announcement on test results of Klagalo-1 exploration well

Dec 2013 Basin Announcement on test results of Klalin-15 and Klalin-17 development wells

Dec 2013 Fuyu Overall Development Plan approval targeted

Jan 2014 Island Announcement on progress on exploration drilling of Koi-2 appraisal well

Mar 2014 Basin North Klalin Field Plan of Development approval targeted



Committing to build a better future

Corporate Social Responsibility

35

Respecting the environment

Helping local communities to improve living conditions

Fostering local developments through skill training workshops

Promoting transparency and contributing to investors’ education in E&P industry

Donating to charitable causes

Donating to charitable causes

Sponsoring for SGX Oil and Gas seminar



C. Financial Overview



Financial highlights

37

Revenue EBITDAX1

Net Debt 2

9M 2013 9M 2012 2012 2011 9M 2012 2012 2011 9M 2013

1. Earnings before interest, taxation, depreciation, amortisation and exploration expenses

US$ mm US$ mm

9M 2013 9M 2012 2012 2011

2. Defined as total debt and borrowings minus cash and short-term deposits

US$ mm

3. Defined as net debt divided by total equity

Net gearing ratio3

2011 2012 9M 2012 9M 2013

89.4 86.4

60.3 57.8

0

50

100 34.0 30.8

21.5 18.4

0

20

40

56.4

13.7

21.9 25.9

0

20

40

60 51%

8% 12%

15%

0%

20%

40%

60%



Way Forward



Way forward

39

Focusing on increasing reserves and

production to deliver near term

growth

Creating value for shareholders through

low to medium risk acquisitions in

upstream projects

Raising capital to fund development,

production and acquisitions

Strengthen balance sheet and

improve gearing to reposition the

Company to deliver growth and add

shareholder value



Contact us

40

Corporate Head Office

RH PETROGAS LIMITED

20 Harbour Drive

PSA Vista #06-03/03A

Singapore 117612

Corporate website:

http://www.rhpetrogas.com/

Tel no. :(65) 6216 3988

Fax no. :(65) 6896 2821

Email

Ms Susanne Chuang

Treasury and Investor Relations

Manager

[email protected]

Mr. Francis Chang, VP

Exploration & Production

[email protected]





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