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Friday, March 29, 2024

Ayala oil unit raises holdings in Palawan

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ACE Enexor Inc., a unit of Ayala Corp., said subsidiary Palawan55 Exploration & Production Corp. received the approval of the Energy Department to increase its stake in service contract 55 in southwest Palawan.

ACE Enexor (formerly Phinma Petroleum and Geothermal Inc.) disclosed to the Philippine Stock Exchange the department approved the assignment of a 37.5-percent interest in SC 55 by Century Red Pte. Ltd. of Australia to Palawan55. 

Palawan55 now holds a 75-percent interest in SC 55 from 37.5 percent, with Pryce Gases Inc. holding 25 percent. Palawan55 is the operator of SC 55, a deep-water block in the southwest Palawan Basin, covering an area of 9,880 square meters.

SC 55 is in the middle of a proven regional oil and gas fairway that extends from the productive Borneo offshore region in the southwest to the offshore Philippine production assets northwest of Palawan.

On August 9, 2019, Palawan55 notified the department of the entry of the SC 55 into the appraisal period effective August 26, 2019. 

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