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.