AYALA-LED oil and gas exploration firm ACE Enexor is optimistic it can conduct actual drilling operations by the first quarter of 2022 in its prospect sites in Palawan.
Raymundo Reyes Jr., ACE Enexor chief operating officer, said the areas are now in the middle of a prospect specific technical studies, which would help the company decide which of the block will be drilled and is expected to be completed in the next two months.
In a virtual stockholders’ meeting conducted by the company earlier this week, Reyes also mentioned that the second half of 2020 will be spent primarily for well planning.
“We anticipate that the execution of the drilling program will be our focus throughout 2021 and this space would include among others, permitting, procurement of drilling rig, equipment, materials and supplies and services as well as deployment of drilling team. The final stage will be the actual drilling operations and this will likely happen in the first quarter of 2022 and may last around 40 days,” Reyes said.
Eric Francia, ACE Enexor president and chief executive officer, said during the same venue the company prefers to invite a strategic partner for the drilling as it is a “significant undertaking.”
“We would welcome both the financial and technical capabilities to complement Enexor. We do not have a foreign partner at this moment yet but in the next few months, we will endeavor to begin our discussions on potential partners,” Francia said.
Reyes also said their team can continue to work offsite with high productivity up to the end of the year or even until the first quarter of 2021, but they need to start processing permitting activities by the second quarter of next year which will depend on government restrictions on people mobility.
ACE Enexor has interests in four oil and gas service contracts (SC) including 37.50 percent in SC 55 in offshore West Palawan, 10.255 percent in SC 6 Block A in Northwest Palawan, 2.475 percent in SC 6 Block B also in Northwest Palawan, 33.34 percent in SC 51 in East Visayas and 50 percent in SC 69 in Central Visayas.
