Manny V. Pangilinan-led PXP Energy said it is drilling two appraisal wells in its Service Contract (SC) 72 exploration block in gas-rich Recto Bank in the West Philippine Sea.
“Each of Forum and PXP Energy is focused on fulfilling its work commitments for 2022 which have been approved by the Philippine government, including the drilling of two appraisal wells over the Sampaguita gas discovery in SC72,” the company said in a statement.
Forum (GSEC 101) Ltd., an indirect subsidiary of PXP Energy, operates SC72 with a 70% interest.
PXP Energy also said it is conducting 3D seismic survey in its SC75 block off northwestern Palawan. It will also “continue to pursue explorations with respect to its other projects in the Philippines including SC40 and SC74.”
SC74 is also located off northwestern Palawan, while SC40 is located on the coast and waters of northwestern Cebu.
The company reported a lower core net loss of Php32.5 million for 2021 from Php45.9 million in 2020.
Late last year, PXP Energy settled its dispute with its Australian joint venture partner over their offshore exploration venture in Peru.