April 27, 2017
Summit Exploration and Production Limited, hereinafter SEPL (Kevin Smith, Chief Executive Officer), a subsidiary of Sumitomo Corporation (Kuniharu Nakamura, President and Chief Executive Officer), has farmed out 50% of its interest in the Avalon discovery, UK North Sea block 21/6b, to Ping Petroleum UK (Ping UK). SEPL and its partner, Ping UK, will drill an appraisal well in Q3 2017 and have contracted with Stena Drilling to use the semi-submersible drilling rig, Stena Spey.
SEPL 50% (License Operator)
Ping UK 50%
SEPL acquired its interest in 2012, through the 27th Licensing Round.