RH shares rise 10.39% intraday as Petrogas commences Karim-1 exploration drilling in Indonesia.

RH surged 10.39% intraday after announcing the commencement of drilling at the Karim-1 exploration well in Indonesia’s Kepala Burung PSC. The well, located in a "relatively under-explored" area of the Arar block, aims to evaluate the oil potential of the Miocene Kais reservoir, a key producing formation in the region. The company emphasized cost efficiencies from drilling two back-to-back wells to reduce logistics expenses, with preparations including permit acquisitions and rig upgrades since 2024. The CEO highlighted the strategic significance of the project, situated near the Klaifi-1 oil discovery, reinforcing exploration optimism. Other news, including a podcast unrelated to the company and a fan event, were deemed irrelevant to the stock’s movement.