WORLD 2021
Part 51: UK | Dagang NeXchange Bhd (DNeX)
DNeX completes acquisition of remaining 50% stake in UK-based greenfield asset
Justin Lim September 23, 2021 19:43 pm +08
Quote:
KUALA LUMPUR (Sept 23): Dagang NeXchange Bhd (DNeX), via its 90% owned subsidiary Ping Petroleum Ltd, has announced the completion of the acquisition of the remaining 50% interest in the UK North Sea Block containing the Avalon Oil Development.
The acquisition is from Summit Exploration and Production Ltd, a wholly-owned subsidiary of Sumitomo Corp, for an initial cash consideration of US$5 million (RM21.09 million) with further contingent payments, giving a total price of US$17 million (RM71.72 million).
In a statement today, DNeX said with 100% control of Avalon, the group has greater flexibility in executing the project in line with its growth strategy and diversification of assets.
|
https://www.theedgemarkets.com/artic...eenfield-asset