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Central UK North Sea
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.
- 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