Ping UK has signed a farm-in agreement for the Fyne field which is located near its Anasuria FPSO in the central North Sea.

The equity split provides Ping with 42.5 per cent, and partners Hibiscus Petroleum 42.5 per cent and Rapid Oil (the current field owner) with 15 per cent.

The Fyne field has an estimated STOIIP (stock tank oil initially in place) of approximately 75MMbbl equivalent. It is located in Block 21/28b, at a water depth of about 90m, approximately 16km from the Anasuria FPSO.

Ping’s Managing Director, Zainal Abidin Jalil said: 
“Fyne represents a material addition to our portfolio and adds to the value of our existing infrastructure at Anasuria, as it will extend the field life and improve the value of our ongoing integrity and asset life-extension work. We also look forward to expanding our long-term partnership with Hibiscus Petroleum, as well as working with our new joint venture partner – Rapid Oil.”

The Anasuria Cluster is a balanced portfolio of producing, appraisal and exploration licences in the UK North Sea located 175km east of Aberdeen. It also incorporates the Teal, Teal South, Guillemot A (Ping UK has a 50 per cent interest in each field) and Cook field (Ping has a 19.3 per cent interest). All of these fields share the Anasuria floating production, storage and offloading (FPSO) host platform and lie in a water depth of 94m. Ping and Hibiscus each have a 50 per cent share of the Anasuria FPSO.

A number of opportunities exist within the licence areas which are expected to generate significant incremental value over the near term. The projects identified provide field re-development opportunities, development of existing discoveries and exploration upside which will be a focus over the next 3-5 years.

KeyFacts Energy: Ping Petroleum UK country profile   l   KeyFacts Energy: Farm-in agreements