“These three blocks add significant breadth in diversity to Ping’s existing portfolio in the United Kingdom. Ping aspires to be an exploration and production (“E&P”) company with a balanced portfolio of brownfield matured assets as well as exploration and greenfield development assets”, said En Zainal Abidin Jalil, Group Managing Director of DNeX.
Kuala Lumpur, 20 June 2018 – Ping Petroleum Limited (“Ping”), an associate company of Dagang NeXchange Berhad (“DNeX”), has been awarded two licences in the UK Central North Sea.
The approval was given by the Oil and Gas Authority of the United Kingdom to Ping’s wholly-owned subsidiary company Ping Petroleum UK Limited (“Ping UK”) who has partnered with two established oil and gas companies in the United Kingdom namely Summit Petroleum Ltd and Azinor Catalyst Limited on these licences.
The first licence is block 22/14C where Ping has a 50 per cent working interest with Summit Petroleum Ltd, and which contains several low risk exploration prospects proximal to nearby infrastructure.
The second licence is for blocks 15/17C and 15/18C where Ping has a 50 per cent working interest with Azinor Catalyst, and contains an oil discovery with potential for future development.
“These three blocks add significant breadth in diversity to Ping’s existing portfolio in the United Kingdom. Ping aspires to be an exploration and production (“E&P”) company with a balanced portfolio of brownfield matured assets as well as exploration and greenfield development assets”, said En Zainal Abidin Jalil, Group Managing Director of DNeX.
He said these blocks can reinforce Ping’s strategy to maximise economic development through synergies with operators of neighbouring assets or nearby undeveloped fields to unlock mutual value in these assets.
“Our acquisition into Ping has continued to generate positive results in generating profitability and improvement of DNeX’s earning resiliency as well as provided us with the opportunity to gather the necessary expertise and track record of being an upstream oil and gas player via Ping,” he added.