Dagang NeXchange Bhd (DNeX) and Hibiscus Petroleum Bhd announced the extension of License P2451, held by its subsidiary Ping Petroleum UK PLC, for a further 30 months until September 30, 2026.
The extension, subject to achieving an approved field development plan and production consent by the given deadline, expands DNeX's operations in the North Sea.
Ping Petroleum holds a 42.5% stake in the license, with Anasuria Hibiscus UK Limited, an indirect wholly-owned subsidiary of Hibiscus Petroleum and Rapid Oil Production Ltd holding 42.5% and 15%, respectively.