Ayala exits from Northern Palawan joint exploration venture


ACE Enexor, Inc., the exploration arm of Ayala-led AC Energy, has moved to leave the joint venture handling Service Contract (SC) 6 off the coast of northern Palawan.

In a disclosure to the Philippine Stock Exchange, ACE Enexor said its executive committee approved the exploration firm’s withdrawal from the SC6 Consortium.

ACE Enexor currently holds a 7.78% participating interest in SC6 Block A (SC6A) or the Octon block. The company said that SC6 does not have any commercial operations.

Apart from ACE Enexor, The Philodrill Corporation of the Ramos family is also involved in SC6A as its listed contractor with the Department of Energy. Manny Pangilinan’s PXP Energy and Forum Energy are also SC6A stakeholders.