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Malaysia’s DNeX eEnters into HOA to Acquire Ping Petroleum

Source: 8/27/2020, Location: Asia

Malaysian company DNeX has entered into a heads of agreement ('HOA') with Ping Petroleum for DNeX to make an offer through Ping, to acquire the remaining equity interest in Ping not currently owned by DNeX. Ping is currently a 30% owned indirect associate company of DNeX. The HOA is not legally binding and is subject to the signing of a definitive SPA. The HOA provides a framework for the finalisation of the definitive Share Sale and Purchase Agreement ('SPA') between DNeX and the owners of the remaining 70% equity interest in Ping. Upon completion of the Proposal, Ping shall become a wholly-owned subsidiary of DNeX.

According to DNeX's announcement, the Proposal will enable DNeX to benefit from Ping’s future earnings in view of Ping’s potential to grow organically with its well balanced portfolio of production, development and exploration assets. Ping is estimated to have proved and probable ('2P') oil reserve of 24.8 million barrels equivalent ('MMboe').

Ping and its subsidiaries are principally involved in the exploration, development and production of crude oil and natural gas and investment holding. Ping is an independent upstream oil and gas company, focusing on shallow water offshore production and development opportunities in South East Asia and the UK sector of the North Sea.

Ping UK has a balanced portfolio of producing, appraisal and exploration licences in the UK North Sea.

Ping UK has 50% direct interest in AOCL, a joint operating company between Ping UK and Anasuria Hibiscus UK, an indirect wholly-owned subsidiary of Hibiscus Petroleum Berhad.

Ping UK, Anasuria Hibiscus UK and AOCL have joint operations for the business of exploration, development and production of O&G in the Anasuria Cluster (other than the Cook Field, which has a separate joint operating agreement novated to Ping UK and Anasuria Hibiscus UK). AOCL is responsible to carry out all the operations on behalf of Ping UK and Anasuria Hibiscus UK.

The Anasuria Cluster is located in Western Platform area on the western margin of the Central Graben of the North Sea, in a water depth of 94 metres, approx. 175 km east of Aberdeen in the UK Central North Sea. The Anasuria Cluster comprises a geographically focused package of operated producing fields and associated infrastructure of the following:

- 100% interest in the Guillemot A field and the related field facilities;

- 100% interest in the Teal field and the related field facilities;

- 100% interest in the Teal South field and the related field facilities);

- 38.65% interest in the Cook field and the related field facilities; and

- 100% ownership in the common infrastructure known as the Anasuria Floating Production Storage and Offloading unit and the related equipment.

(The Guillemot A Field, Teal Field, Teal South Field, Cook Field and Anasuria FPSO are collectively referred to as the 'Anasuria Cluster'.)

Ping UK and Anasuria Hibiscus UK each own a 50% interest in the Guillemot-A Field, Teal Field, and Teal South Field, and the Anasuria FPSO; and share a 38.65% interest in the Cook field, with Petrofac Facilities Management as the duty holder of the FPSO. CookField is operated by Ithaca Energy.

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