THE Ayalas’ oil and gas exploration unit reported a total attributable comprehensive loss to equity holders of P3.22 million in the second quarter, more than twice its losses of P1.32 million incurred in the same period last year, after registering higher expenses.
In its quarterly report filed with the local bourse on Thursday, ACE Enexor, Inc. said that its expenses reached P4.05 million from April to June, up by more than threefold from its year-on-year figure of P1.25 million.
The line item “management and professional fees” made up 90% or P3.66 million of the firm’s total expenses incurred in the second quarter.
Meanwhile, the company registered a total comprehensive loss of P4.06 million in the three months ending June, more than three times the previous level of P1.26 million in the same period last year.
ACE Enexor is majority-owned by the Ayala-led AC Energy Corp.
In the same disclosure, the exploration company said that well planning and drilling preparations are currently ongoing in-service contract (SC) 55 located in west Palawan.
“On 14 May 2021, the (SC 55) consortium submitted the CINCO-1 (exploration well) drilling proposal to the DOE (Department of Energy). The document is currently being evaluated by Petroleum Resources and Development Division,” ACE Enexor said.
ACE Enexor’s subsidiary Palawan55 Exploration & Production Corp., which holds a 75% participating interest in SC 55, is its operator.
Shares in ACE Enexor in the local bourse shed 2.33% or 40 centavos to finish at P16.80 apiece on Thursday. — Angelica Y. Yang
