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Ping UK completes Fyne field farm-in

Aberdeen, 21 November 2023 – Ping UK confirms it has completed the farm-in to UK Petroleum Licence P2451 which contains the Fyne field, located near its Anasuria floating production, storage and offloading (FPSO) unit in the central North Sea.

The farm-in provides Ping with 42.5 per cent of the licence area, and partners Hibiscus Petroleum 42.5 per cent and Rapid Oil (the current field owner) with 15 per cent.

The Fyne field has an estimated STOIIP (stock tank oil initially in place) of approximately 75MMbbl equivalent. It is located in Block 21/28b, at a water depth of about 90m, approximately 16km from the Anasuria FPSO.

Ping’s Managing Director, Zainal Abidin Jalil said: “Fyne provides a material addition to our existing portfolio and extends our high return opportunities to drive production and cash-flow growth through an attractive and competitive tieback to Anasuria.

“The farm-in agreement allows us to enhance our long-term partnership with Hibiscus Petroleum, as well as working with our new joint venture partner – Rapid Oil.”

The Anasuria Cluster is a balanced portfolio of producing, appraisal and exploration licences in the UK North Sea located 175km east of Aberdeen. It also incorporates the Teal, Teal South, Guillemot A (Ping UK has a 50 per cent interest in each field) and Cook field (Ping has a 19.3 per cent interest). All of these fields share the Anasuria FPSO host platform and lie in a water depth of 94m. Ping and Hibiscus each have a 50 per cent share of the Anasuria FPSO.

A number of opportunities exist within the licence areas which are expected to generate significant incremental value over the near term. The projects identified provide field re-development opportunities, development of existing discoveries. Tie back development to existing or potential hub will continue to be a focus for Ping in the next two to five years.