A consortium spearheaded by ENEX Energy Corporation, predominantly owned by ACEN Corporation, received a government-approved extension for drilling activities in Service Contract No. 55 in the West Philippine Sea.
In a disclosure to the Philippine Stock Exchange, ENEX said the Department of Energy (DOE) has greenlit the request from its subsidiary, Palawan55 Exploration and Production Corporation, to hold out the deadline for drilling a well under SC 55 by 18 months.
Palawan55 is primarily owned by ENEX at 69.35%, with ACEN holding the remaining 30.65%. The consortium operator for SC 55 is Palawan55, in which ENEX has a 75% share.
The DOE added that under the force majeure status of SC 55, which began on Dec. 6, 2022, Palawan55 is granted a total of 23 months, including the extension, to drill the well.
Last December, the SC 55 consortium formally requested the DOE to declare force majeure concerning the commitment to drill a deep-water well by April 2023. This request was made in light of geopolitical challenges in the West Philippine Sea.