The Department of Energy (DOE) has approved the petroleum drilling plan that Ayala-owned firm ACE Enexor Inc. lodged for its Service Contract (SC) 55 oil and gas block straddling Northwest Palawan basin. The company, in a disclosure to the Philippine Stock Exchange (PSE), has specified that the drilling of one well is part of the appraisal period work program it propounded for SC 55 petroleum block. The submitted work program has been earmarked a budget of US$1,702,020.
