Total proved and probable (“2P”) oil reserves stands at 27 million barrels equivalent (“MMboe”) or about 20 per cent increase as compared to 23 MMboe recorded during acquisition in 2015.
Kuala Lumpur, 6 August 2018 – Ping Petroleum Limited (“Ping”), an associate company of Dagang NeXchange Berhad (“DNeX”), has recorded an increase in its oil and gas reserves embedded in Ping’s portfolio based on the latest reserves update undertaken by a third party. DNeX, through wholly-owned subsidiary company, DNeX Petroleum Sdn Bhd, owns 30 per cent enlarged equity of Ping.
Total proved and probable (“2P”) oil reserves stands at 27 million barrels equivalent (“MMboe”) or about 20 per cent increase as compared to 23 MMboe recorded during acquisition in 2015.
Ping, through its wholly-owned subsidiary Ping Petroleum UK Limited (“Ping UK”), has a UK focused portfolio comprising producing fields, oil field developments and exploration.
Ping UK has a 50 per cent interest in the producing oil and gas fields of the Anasuria Cluster located 175km east of Aberdeen in the UK Central North Sea. The Anasuria cluster has upside potential related to infill drilling on the existing fields, new field development and exploration.
Ping UK is also the operator and 50 per cent partner with Sumitomo’s oil and gas UK subsidiary (“SEPL”) in the Avalon oilfield development, which is targeting first oil in 2020. Ping UK also holds a 100 per cent working interest and operatorship of the exploration licence 15/16d.
Ping UK was recently awarded two licences in the UK Central North Sea by the Oil and Gas Authority of UK. Ping UK has partnered with two established oil and gas companies in the UK on these licences namely SEPL and Azinor Catalyst Limited.
The first awarded licence is block 22/14C where Ping UK has a 50 per cent working interest with SEPL. This license contains several low risk exploration prospects proximal to nearby infrastructure.
The second licence covers blocks 15/17C and 15/18C where Ping UK has a 50 per cent working interest with Azinor Catalyst Limited. This license contains an oil discovery with potential for future development.
According to En Zainal Abidin Jalil, Group Managing Director of DNeX, the company’s acquisition into Ping has continued to generate positive results in generating profitability and improvement of DNeX’s earning resiliency.
“We are pleased that Ping along with its co-venturer has focused on sweating the Anasuria asset thus lowering cost of operations, improving facility uptime, and enhancing well productivity,” he said.
He added that Ping is reaching its aspirations to become an exploration and production (“E&P”) company with a balanced portfolio of brownfield matured assets as well as exploration and greenfield development assets.
This recent reserves update is based on an independent audit as at 1 January, 2018 for a report prepared for Ping undertaken by Gaffney, Cline & Associates.