Dagang NeXchange Berhad announced that Ping Petroleum Sdn. Bhd. a business unit under the Company's energy division held via DNeX Energy Sdn. Bhd., had accepted the Letter of Award from Petroliam Nasional Berhad in relation to Small Field Asset Cluster Production Sharing Contract which consists of Bubu, Bunga Tasbih and Enau Fields.
The copany said the tenure of the SFA Cluster PSC is for a period of 14 years from 1 July 2024.
The Board said it views that the acceptance of the LOA from Petronas in relation to the SFA Cluster PSC is in the best interest of the company and is not expected to significantly affect the earnings per share and net assets value per share of the Company for the financial year ending 31 December 2024.