RH PetroGas Limited provided group earnings guidance for the third quarter ended September 30, 2014 and for the financial year ending December 31, 2014. The Board of Directors of the company announced that, the Group is expected to record a loss for third quarter of 2014 due to a goodwill write-off, which will result in a loss for the full financial year ending December 31, 2014 (FY2014).

The Group has carried out a reassessment of the goodwill which arose from the Group's acquisition of the working interests in the Kepala Burung Production Sharing Contract (Basin PSC) and Salawati Kepala Burung Production Sharing Contract (Island PSC). In view of the uncertainties arising from the significant decline in global oil prices recently, the Group believes it is prudent to write off the remaining goodwill of approximately $20.5 million in third quarter of 2014. With this write-off, there will no longer be any goodwill balance attributable to the Group's acquisition of its working interests in the Basin PSC and Island PSC.