SINGAPORE (Yosefardi) – RH Petrogas Limited, which has oil and gas assets in Papua, Indonesia, booked net loss of US$4.87 million in the quarter ended June 30, 2013 against net profit of US$0.8 million in the corresponding period of 2012.
RH Petrogas generated sales revenue of US$20 million in the quarter, an increase of 6% from the same period last year, while cost of sales soared 17%. Accordingly the company’s gross profit declined 10% to US$6.6 million.
Higher costs were mainly due to higher production in Papua (Salawati Kepala Burung and Kepala Burung production sharing contracts).
RH Petrogas also has interest in West Belida production sharing contract located in Jambi, Sumatra. The block, however, is still in exploration stage.