CYBERJAYA, April 11 (Bernama) — Dagang NeXchange Berhad (“DNeX”), via its 90 percent-owned subsidiary Ping Petroleum Limited (“Ping”), has passed a key milestone after receiving a letter of “no objection” from the North Sea Transition Authority (“NSTA”) in relation to the company’s proposed development concept for the Avalon discovery in the Central North Sea, United Kingdom (“UK”).
Ping had last year announced the purchase of the remaining 50 per cent interest in UK North Sea Block 21/6b, License P.2006, containing the Avalon Oil Development from Summit Exploration and Production Limited, a wholly-owned subsidiary of Sumitomo Corporation, bringing Ping’s ownership in the licence to 100 per cent.
