DNeX’s UK subsidiary records increase in O&G reserves
KUALA LUMPUR: Dagang NeXchange Bhd’s (DNeX) affiliate, Ping Petroleum Ltd, recorded an increase in its oil and gas (O&G) reserves.
DNeX group managing director Zainal Abidin Jalil said Ping continued to generate positive results and profit, as well as improved DNeX’s earnings resiliency.
“We are pleased that Ping, along with its co-venturer, has focused on the Anasuria asset, thus lowering cost of operations, improving facility uptime and enhancing well productivity,” he said in a statement yesterday.
Zainal said Ping was becoming an exploration and production (E&P) company with a balanced portfolio of brownfield matured assets as well as exploration and greenfield development assets.
DNeX, through wholly-owned subsidiary company, DNeX Petroleum Sdn Bhd, owns a 30 per cent enlarged equity of Ping.
It said total proved and probable oil reserves stood at 27 million barrels of oil equivalent (MMboe), which was about a 20 per cent increase, compared with 23 MMboe recorded during the acquisition in 2015.
Ping’s subsidiary, Ping Petroleum UK Ltd, has a United Kingdom-focused portfolio comprising producing fields, oil field developments and exploration.
It said Ping UK had a 50 per cent interest in the O&G fields of Anasuria Cluster, located 175km east of Aberdeen in the UK Central North Sea.
The company said the Anasuria cluster had 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 of Sumitomo’s O&G UK subsidiary in the Avalon oilfield development, which is targeting its first oil in 2020.
Ping UK said it was recently awarded two licences in the UK Central North Sea by the Oil and Gas Authority of UK.