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 20% of its interest in the Ranger Prospect, UK North Sea block 15/16d, to Ping Petroleum UK (Ping UK). SEPL and its partner, Ping UK, will drill an exploration well on the block in Q3 2017 and have contracted with Stena Drilling to use the semi-submersible drilling rig, Stena Spey.
SEPL 80% (License Operator)
Ping UK 20%
SEPL acquired its interest in 2014, through the 28th Licensing Round.