DNeX unit receives 'no objection' on development concept for Avalon project

KUALA LUMPUR: Dagang Nexchange Bhd's (DNeX) 90%-owned subsidiary Ping Petroleum Ltd has received a letter of "no objection" from the North Sea Transition Authority in relation to its proposed development concept for the Avalon discovery in the Central North Sea, UK.

In a statement, the group said the company will now finalise conceptual development planning and begin front-end engineering works in preparation to submit the Avalon Field Development Plan, with the final investment decision anticipated for later this year.