Palawan55 Exploration & Production Corporation, a subsidiary of ACE Enexor Inc. and AC Energy Corporation (both listed at the Philippine Stock Exchange), is seeking a partner to join in further exploration of a high petroleum potential deep-water frontier area covered by Service Contract 55 off southwest Palawan, Philippines (see inset).
The consortium of Palawan55 (Operator) and Pryce Gases, Inc. has committed to drill the CINCO Prospect, an Upper Oligocene to Miocene carbonate buildup in 1,400 meters of water and is part of a northwest-trending cluster of similar features that extends for at least 100 km within the block.
The Cinco Prospect, initially proposed for drilling in 2012 by former Operator BHP Billiton, has been recently validated by additional internal studies and a Competent Person's Report. In 2015, the first well (Hawkeye 1) drilled in the block, located 30 km from CINCO, was declared a Gas Discovery.
The consortium is farming out at least 25% participating interest. Timing of drilling is late 2022 or early 2023. The CINCO drilling program has been submitted to the Department of Energy for approval.
Access to the Virtual Data Room will be issued upon signing of a Confidentiality Agreement with ACE Enexor.