The Group expanded its geographical footprint in December 2012 into Malaysia with the signing of the SK331 PSC, the contract area of which is located on onshore Sarawak. The Group's subsidiary, RHP (Mukah) Pte Ltd., operates the PSC and holds an 80.0% Working Interest in the block. The Group holds a 51.0% equity interest in RHP (Mukah) Pte Ltd with the remaining 49.0% equity interest held by Tumbuh Tiasa Enterprises Sdn. Bhd following the completion of the farm-out of the 49.0% equity interest to Tumbuh Tiasa Enterprises Sdn. Bhd in September 2014.
SK331 is the onshore extension of the prolific Balingian Basin where many large oil and gas fields are located in the offshore area. Several discoveries have been made within the block by previous operators. In 2013, the Group acquired 12,414 line km of full tensor gradiometry ("FTG"), aerogravity and magnetic data, which shows that the Balingian Basin extends into the PSC acreage. This new finding demonstrates the presence of hydrocarbon source rock inside the SK331 block. The survey also clearly defines the other major structural elements within the block. The work programme for 2014 started with the reprocessing of the existing 2D seismic data in late January. Interpretation of the reprocessed seismic data resulted in the identification of three prospects and nine leads within the Oligo-Miocene upper and middle Cycle 1 which potentially contained oil and gas accumulations around the Bawean and Teres areas. The Group further conducted surface geochemical survey in early 2014. The result favourably indicated large surface areas with oil and gas concentration which demonstrates an active petroleum system in the block. The results of FTG and geochemical surveys as well as the interpretation of the existing reprocessed seismic data helped facilitate the layout for the seismic programme in 2014. In June 2014, the Group began the recording of 508 line km of new 2D seismic data, which was completed in November 2014. Data interpretation and analysis is currently being carried out. The interpreted results will be valuable in the evaluation of several identified leads for potential upgrade into prospective candidates for exploration drilling, currently scheduled for 2016.
The Group is keen to grow its presence in Malaysia and is actively seeking new opportunities in the country.