Ping Petroleum UK has completed the farm-in to Licence P2451 which contains the Fyne field, near its Anasuria floating production, storage and offloading (FPSO) unit in the central North Sea, it said November 21.
Ping has 42.5% of the licence area as does Hibiscus Petroleum. Rapid Oil, the field owner, has the rest.
The Fyne field has estimated reserves in place of about 75mn barrels of oil equivalent. It is in Block 21/28b, at a water depth of about 90 m, about 16 km from Anasuria. Ping and Hibiscus each own half of the FPSO.
PING CEO Zainal Abidin Jalil said: “Fyne provides a material addition to our existing portfolio and extends our high return opportunities to drive production and cash-flow growth through an attractive and competitive tieback to Anasuria.”
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