Palawan55 Exploration & Production Corp. and its partners notified the Department of Energy of their commitment to drill a deepwater well in service contract 55 in southwest Palawan within the next two years.
Palawan55, a unit of Phinma Petroleum and Geothermal Inc., the operator and a partner in the consortium, informed the DoE of the consortium’s entry into the appraisal period effective August 26.
“The SC 55 consortium committed to drill one (1) deepwater well within the first two years of the appraisal period and, following reinterpretation of certain seismic data outside of the current study area, may undertake a new 3D seismic program to mature other prospects within SC 55 to drillable status,” said Phinma Petroleum in a disclosure to the Philippine Stock Exchange.