Sale and Purchase Agreement Entered by Ping Petroleum UK

Source Press Release
Company Ping Petroleum LimitedDagang NeXchange BerhadSumitomo Corporation 
Tags Asset Deals, Deals, Upstream Activities
Date August 09, 2021

The Board of Directors of the Company wishes to announce that PING Petroleum UK Limited (“PING UK”), a wholly owned subsidiary of PING Petroleum Limited, which in turn is a 90% owned subsidiary of DNeX Energy Sdn Bhd, a wholly owned subsidiary of the Company had on 6 August 2021 entered into a sale and purchase agreement with Summit Exploration and Production Limited to acquire the remaining 50% interest in the development of Avalon Oilfield not owned by PING UK for an initial cash consideration of USD5.0 million (or equivalent to RM21.09 million) with further contingent payments, giving a total purchase consideration of USD17.0 million (or equivalent to RM71.72 million).

Please refer to the attachment for further details.

This announcement is dated 9 August 2021.

Click here for more details,

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