Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

‘In the driving seat’: DNeX earmarks £51.4m for Anasuria Cluster after completing Ping deal

Anasuria FPSO Hibiscus
The Anasuria FPSO

Malaysian firm Dagang NeXchange (DNeX) said it had earmarked £51.4 million for production boosting work at the UK North Sea Anasuria Cluster after completing the acquisition of compatriot Ping Petroleum.

DNeX, an IT and energy sector service provider which has started making its mark in oil and gas, has now wrapped up the £56.5m purchase of a further 60% stake in Ping, taking its holdings to 90%.

The Malaysia-listed firm is funding the deal, first announced in February, with £29m in cash and the rest through the issuance of new shares.

Ping has an office in Aberdeen and a 50% stake in 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 and is served by the Anasuria floating production, storage and offloading vessel.

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

On completion of its latest North Sea deal, DNeX said being “in the driver’s seat” gave it “greater flexibility” to plan and implement longer-term strategies to “realise Ping’s long-term growth potential”.

At Anasuria, DNeX intends to help pay for the drilling of new infill wells, a “debottlenecking” exercise and facilities improvements over the next five years.

DNeX said Ping, now its subsidiary, had consistently delivered profits and generated positive operating cash flow since it bought an initial 30% of the company in 2016.

In 2018, 2019 and 2020, Ping reported cumulative net profits of £25m.

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

Avalon was expected to be developed as a tieback to an existing platform.

Ping operates and owns 50% of Avalon. Its sole partner, Summit Exploration and Production, is currently marketing its stake.

DNeX managing director Tan Sri Syed Zainal Abidin Syed Mohamed Tahir said: “The shift in investment of major oil players to energy transition and renewable energy sector has presented us with opportunities to acquire mature and producing oil and gas fields at attractive prices.

“Ping’s expansion plans will be directed to expand and unlock the potential of other brownfield assets within the UK and Southeast Asia region.”

Ping will be led by managing director Encik Zainal Abidin Jalil, a current DNeX executive director who has spent more than 30 years in the oil and gas sector.

He had a long career at ExxonMobil, spanning 28 years in various managerial and leadership capacities.

Robert Fisher, an independent non-executive director of DNeX, will serve as chairman.

Mr Fisher has some 45 years of experience in the oil and gas industry.

He was chairman and managing director of ExxonMobil’s subsidiaries in Malaysia from 2003 until 2006, where he oversaw all aspects of US supermajor’s business.

 

Recommended for you

More from Energy Voice

Latest Posts