Ayala to firm up SC55 exploration partnership

enexor

ACE Enexor Inc. aims to solidify its partnership and drilling plan for Service Contract (SC) 55 off the southwestern coast of Palawan within the first half of 2021.

ACE Enexor Chairman Eric Francia recently said that initiations for the partnership are still ongoing, while drilling preparations are being finalized. Francia in November 2020 said that the company is looking for a deep-pocketed technical partner for the SC55 exploration venture.

The company, through subsidiary Palawan55 Exploration & Production Corporation, targets to commence drilling an appraisal well within the first half of 2022.

Palawan55, the registered operator of SC55, committed to drill one exploratory well within two years after the Department of Energy (DOE) affirmed the petroleum block’s entry into the appraisal period.

The DOE back in April last year said the Hawkeye-1 well within the SC55 block encountered a significant volume of natural gas, estimated at 2.2 trillion cubic feet.

The Hawkeye well was particularly believed to have some 480 million barrels of oil identified on 2D seismic when it was originally acquired by Australian firm Otto Energy in 2007, and was further defined with the 3D seismic acquisition in late 2009.

Francia said that ACE Enexor would devote all its resources to developing SC55. This, he pointed out, is partly why the company gave up its other ventures, including its stake in SC6 off northern Palawan.