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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% 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 US$20 per barrel,” DNeX said in a statement Wednesday.
DNeX noted that in the past three three financial years ended 31 December 2018, 2019 and 2020, Ping reported a cumulative audited net profit of US$34.7mil.
“To enhance our production levels at the Anasuria Cluster, we have earmarked about US$71mil for redevelopment activities over the next five years. These activities include the drilling of infill wells, debottleneck exercise and facilities improvement work,” Syed Zainal said.
