Philippines: DOE’s approval of CINCO-1 Drilling Proposal under Service Contract 55

The Department of Energy (DOE) has approved the SC 55 Consortium’s updated proposal for the drilling of the CINCO-1 well. The CINCO prospect is deemed as a viable drilling target based on studies conducted and prospective resource estimates meet the benchmarks for a floating LNG development.

The drilling of the appraisal well is estimated to be in April 2023, before the expiration of the DOE-declared 1-year Force Majeure period on SC 55. The foregoing disclosure contain forward looking statements that are based on certain assumptions and are subject to risks and opportunities or unforeseen events.

Pryce Gases, Inc. (PGI), a subsidiary of Pryce Corporation, has a 25% participating interest in Service Contract 55. [PGI is principally engaged in the importation, distribution, and retail sale of liquefied petroleum gas or LPG.] Palawan55 Exploration & Production Corporation is the consortium’s operator and has a 75% participating interest. – BusinessNewsAsia.com