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ACE Enexor Inc., the oil and gas arm of AC Energy Corp., is withdrawing from Service Contract No. 6 in offshore north Palawan to focus on the development of another service contract.
ACE Enexor said in a disclosure to the stock exchange its executive committee approved on Jan. 27 the corporation’s withdrawal from the SC 6 consortium.
The company holds a 7.78-percent participating interests in SC 6 Block A. SC 6 does not have any commercial operation at the moment.
“We would like to focus on SC 55. We are currently preparing drilling plan and potential partnerships,” ACE Enexor chairman Eric Francia said.
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