The Energy department has approved Palawan55 Exploration & Production Corp.’s (Palawan55) $1.7-million (P82.5-million) budget for the drilling of a well in southwest Palawan province, parent company ACE Enexor Inc. said on Friday. In a disclosure, Ayala-led ACE Exenor said its unit had “received today (Friday) a letter from the Department of Energy (DoE) approving SC (Service Contract) 55’s Appraisal Period Work Program and Budget with the firm amount of $1,702,020.00.” It added that the department “expects the submission of the proposed budget for the drilling of one well after the drilling proposal has been approved by the DoE.” This comes after SEC 55 — a consortium between Palawan55 as the operator (75 percent) and Pryce Corp. unit Pryce Gases Inc. (25 percent) — entered an appraisal period on April 26.
