ACE Enexor Incorporated (ACEX) is a company that is a subsidiary of the Ayala Corporation. It was formerly known as Phima Petroleum and Geothermal Incorporated.
Based on the news posted online by The Philippine Star, an English-language print and digital newspaper in the Philippines, ACEX, together with its collaborators, has committed to carrying on with the development of gas and oil assets that it obtained from the Phima consortium in 2019.
The SC 55 consortium, or service contract 55 offshore west Palawan, consists of venture partners, including ACEX’s Palawan55, Pryce Gases Incorporated (PGI), and Century Red Private Limited.
They jointly conduct drilling operations in SC 55, a deep-water block situated in the southwest Palawan Basin, and covers an area of 9,880 square kilometers.
SC 55 is in the middle of a proven regional gas and oil fairway, extending from the high-yielding Borneo offshore region in the southwest, to the offshore Philippine production assets northwest of Palawan.
The deep-water block was approximated to hold some 2.2-trillion cubic feet of gas, as per the information from the Department of Energy of the Philippines.
Effective August 26, 2019, the SC 55 consortium had informed the Philippine government that it had entered into sub-phase five.
They notified that, in the second quarter of last year, they would drill one ultra-deepwater well.
The SC 55 consortium also relayed the possibility of undertaking a new 3D seismic program to develop the other potentials inside the contract to drillable status.
This activity reportedly depends on the re-interpretation of specific seismic information outside the present research segment.
In August 2015, the SC 55 consortium that consists of the Ayala Corporation’s ACEX drilled the Hawkeye-1 well, which was believed to possess approximately 480 million barrels of oil.
For $23.5 million, the group conducted this activity in 1,700 meters of water. The deep-water well found natural gas located at the crest of the target structure.
Nevertheless, the approximated volume of the acquisition was reckoned by Otto Energy Limited to be non-commercial on an independent basis.
This fact drove the Australia-based former operator via Otto Energy Philippines, Incorporated to withdraw from the project in November 2016.
Otto Energy Limited held a 68.18-percent participating interest in SC 55 that it assigned to the remaining venture partners, which are Palawan55 of ACEX, PGI, and Century Red Private Limited.
ACEX has recently secured a more substantial stake in SC55, following the withdrawal of Otto Energy Limited.
Now Palawan55 of ACEX controls a 75-percent interest in the gas prospect, while AC Energy Philippines, Incorporated owns 25 percent.
Meanwhile, PGI controls the remaining 25 percent. ACE Enexor, Incorporated (PSE: ACEX) closed on Tuesday, February 18, 2020, at P6.99 per share, up by 0.14 or 2.04 percent.
The total value reached P919,358.00. The 52-week high of ACEX is at 13.92.
Meanwhile, the Philippine Stock Exchange recorded its 52-week low at 2.96.
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