Ping – Avalon Development

Contact us for more details: Phone: + 44 (0) 20 7493 1977

Central UK North Sea

Avalon Development

Ping Petroleum UK PLC (“Ping”) is offering companies the opportunity to acquire up to a 50% working interest UKCS licence P2006, which contains the Avalon oil development, located in the Central UK North Sea. Avalon is a near-term development project targeting 2C resources of over 20 MMbbls, with first oil forecast for 2H 2025.

Key Points:

  • Acquire a material interest in the Avalon oil development, which will target >20 MMbbls of 2C resources via a low-cost and low-risk development;
  • Avalon will be developed via a two well tie-back to the recently acquired Excalibur FPSO. The development has been designed to incorporate electrification and has the potential for the tie-in of additional resources from nearby discoveries;
  • The development project is advancing with Field Development Plan approval forecast for 1H 2023 and first oil targeted for 2H 2025