Malaysian IT and energy sector service provider Dagang Nexchange (DNex) has announced plans to acquire the remaining stakes in Ping Petroleum.
DNex has entered into a head of agreement (HOA) with Ping for remaining 70% of the UK North Sea-focused firm, which has an office in Aberdeen.
It made the announcement in a filing on the Malaysian stock exchange.
DNex, which bought a 30% stake in Bermuda-incorporated Ping for £7.73 million in 2015, said the company had proved and probable reserves of 25 million barrels of oil equivalent.
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.
Ping operates and owns 50% of Avalon, with Summit Exploration and Production its sole partner.