Ping completes UK oil well drilling works

KUALA LUMPUR: Ping Petroleum Ltd (Ping), Dagang NeXchange Bhd's (DNeX) associate company, has completed drilling works for the GUA-P2 side-track (P2-ST) well in the United Kingdom (UK).

Located in the Guillemot A field of the Anasuria Cluster in the UK Central North Sea, the P2-ST well can achieve a gross production rate of 4,750 barrels of oil per day (bpd) and is also targeting untapped volumes of oil in the Forties reservoir.

In a statement yesterday, DNeX said drilling and completion works of the well were undertaken by the Anasuria Operating Company Ltd (AOC), which is equally owned by Ping's unit, Ping Petroleum UK Ltd, and Anasuria Hibiscus UK Ltd.

Through AOC, Ping Petroleum UK jointly operates the Anasuria Cluster oil fields and floating, production, storage and offloading facility (FPSO).

“During the clean-up and flowback phase of the P2-ST programme recently, the well achieved a stabilised gross production flow rate to the Anasuria FPSO of 4,750 bpd, or 2,375 bpd net to Ping Petroleum UK,” DNeX said.

Group managing director Zainal Abidin Jalil said positive results from P2-ST supported Ping's strategy to increase production and add reserves to the Guillemot Field.

“The success of P2-ST reinforces planned future development projects in the Anasuria Cluster andPing'scommitmenttoincrease production and maximise the economic value of this asset,” he added.

Hibiscus Petroleum managing director Dr Kenneth Pereira said the test results from the side-track well have exceeded the group's expectations.

“Over the next few months, we will gradually increase choke size and determine the optimum parameters to flow this well.

“Our target remains to achieve a production of 5,000 barrels of oil per day from Anasuria by the end of financial year 2020 and the capability to undertake projects such as the GUA-P2-ST will be a critical enabler,” he said.