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Change of ownership on the cards for North Sea minnow

Anasuria FPSO Hibiscus
The Anasuria FPSO

North Sea oil and gas minnow Ping Petroleum could soon be under new ownership, it is understood.

A source familiar with the matter told Energy Voice that Kuala-Lumpur-based Ping had been put up for sale and that the deadline for bids was near.

EV understands Ping has generated interest and that a transaction could be agreed quickly.

Financial services company Jefferies International is believed to have been hired to assist with the sale of the privately-owned firm.

Jefferies declined to comment. Ping did not respond to a request for comment.

Malaysian investment holding company Dnex is reportedly the largest shareholder in UK-focused Ping, which has an office in Aberdeen.

Dnex bought a 30% stake in Bermuda-incorporated Ping for £7.73 million in 2015.

Ping holds 50% of the Anasuria Operating Company (AOC), a joint venture with fellow Malaysian firm Hibiscus Petroleum.

AOC operates the Anasuria cluster of fields in the central North Sea, 110 miles east of Aberdeen.

The cluster comprises the Teal, Teal South, Guillemot and Cook fields, which produce to the Anasuria floating production offloading and storage vessel.

Ping and Hibiscus joined forces to buy their stakes in those assets from Shell and ExxonMobil in 2016 for close to £70m.

Ping’s interests outside the Anasuria cluster include the Avalon development, also in the central North Sea.

Avalon is expected to be developed as a tieback to an existing platform, with first oil slated for late 2021.

Ping operates and owns 50% of Avalon, with Summit Exploration and Production its sole partner.


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