Losses at Ayala oil and gas exploration arm widen
The oil and gas exploration arm of the Ayala Group reported a wider net loss in the first nine months of this year as it continues to incur additional expenses.
In a disclosure, ACE Enexor Inc. said total comprehensive loss attributable to equity holders of the parent company hit P47.8 million against last year’s P30.1 million.
Its total comprehensive loss in the third quarter alone expanded substantially to P12.9 million from P1.4 million.
Expenses declined to P23.6 million from P32.6 million during this period as the listed firm allotted more for professional fees and employees cost, filing and registration fees and advertising and promotion.
It also incurred a capital deficiency of P34.77 million during the January to September period as some of its projects are at pre-development stage.
ACE Enexor through unit Palawan55 Exploration and Production Corp. holds a 75-percent interest in Service Contract 55, a deepwater block off the southwest Palawan Basin covering 9,880 square kilometers in offshore West Palawan.
Palawan55 is awaiting the Palawan Council for Sustainable Development’s approval to transfer the strategic environment planning (SEP) clearance to them from former operator BHP Billiton.
“Palawan55 met with the DOE to discuss policy issues, including its request for unequivocal assurance that the government would protect and defend the drilling operations in SC 55 in light of the ongoing maritime dispute in the West Philippine Sea,” said ACE Enexor in its report.
In January this year, ACE Enexor signed the shareholders’ agreement and subscription agreements with Batangas Clean Energy Inc. (BCEI) and Gen X Energy L.P. to co-own and co-operate a power plant in Batangas. —Jordeene B. Lagare INQ