CYBERJAYA, June 30 (Bernama) — Dagang NeXchange Berhad (“DNeX”) has completed the acquisition of an additional 60 per cent stake in Ping Petroleum Limited (“Ping”), expanding its holdings to 90 per cent. This makes Ping a subsidiary of DNeX Energy Sdn Bhd (“DNeX Energy”), a wholly owned subsidiary of DNeX. Ping is an upstream oil and gas (“O&G”) company, with a balanced portfolio of producing and developing O&G assets in the Anasuria Cluster located in North Sea, United Kingdom.
With the completion of this exercise, DNeX will consolidate Ping’s financial performance into the Group’s earnings from July 2021 onwards. Since DNeX’s acquisition of a 30 per cent stake in Ping in 2016, Ping has consistently delivered profits and generated positive operating cash flow driven by its ability to keep its operating costs below USD20 per barrel.