Broker Name: UOB Kay Hian

Date of Report: 13 March 2026

Excerpt from UOB Kay Hian report.

• Report Summary
• RH Petrogas (RHP) reported a sharp earnings decline in 2025, with profit falling 81% year-on-year to US\$3.5m, largely due to lower oil prices and significant exploration write-offs. However, the company maintained strong operating cash flow (US\$21m) and a robust balance sheet with no debt and US\$61.3m in cash, providing flexibility for future exploration and development.
• The company plans to drill two new wells in 2026, with potential to add S\$0.03/share in exploration value. Despite near-term risks and softer production, UOB Kay Hian maintains a BUY rating with a higher target price of S\$0.263, citing RHP’s solid financial position and its unique exposure to oil prices in Singapore.

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