The board of Ayala-led ACE Enexor has approved the conduct of a follow-on offering (FOO), wherein 74 million shares would be issued.
In a disclosure to the Philippine Stock Exchange on Tuesday, ACE Exenor said the shares will be priced between Php10 and Php11.84 apiece.
Ayala’s oil and gas exploration arm earlier said it will resume drilling activities in the Service Contract (SC) 55 exploration block in the West Philippine Sea by April 2023, a year before the Department of Energy’s force majeure period expires.
SC55 – covering a 9,880-square kilometer area off the coast of western Palawan – is a joint venture between ACE Enexor, which owns 75%, and Pryce Corporation, which owns the remaining 25%.
ACE Enexor is now led by former Shell Philippines Exploration B.V, Managing Director Don Paulino, who took over as President and Director on New Year’s Day.