KUALA LUMPUR: Dagang Nexchange Bhd (DNex) emerged as one of the most actively traded counters on Bursa Malaysia today after its wholly-owned subsidiary inked a Farm-in Agreement with Rapid Oil Production Ltd.
At 10.37 am, the counter, which rose by half-a-sen to 47 sen, saw 54.80 million of its shares changing hands.
In a filing with Bursa Malaysia last Friday, DNex said its subsidiary, Ping Petroleum UK PLC and Hibiscus Petroleum Bhd’s indirect wholly-owned subsidiary, Anasuria Hibiscus UK Ltd have entered into separate but identical Farm-in Agreement for License P2451 with Rapid Oil.
Upon completion of the proposed acquisition, Anasuria Hibiscus would be appointed as the operator of an undeveloped oil field, Fyne Field, located in the Central North Sea, United Kingdom.
It said under the terms of the agreement, Ping Petroleum and Anasuria Hibiscus would separately acquire 42.5 per cent equity interest each in the licence, while the balance of 15 per cent remains with Rapid Oil.
Fyne Field has an estimated 75 million barrels of oil equivalent (MMboe) stock tank oil initially in place (STOOIP).
DNex added that the first oil is expected in 2026, whereupon Anasuria Operating Company Ltd (equally owned by Ping Petroleum and Anasuria Hibiscus) would take over as operator of the Fyne production from Anasuria Hibiscus.
Meanwhile, Hibiscus Petroleum’s shares rose 1.0 sen to RM1.03 with 16.02 million shares changing hands. - Bernama