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ACE Enexor, Inc.

Company Description
ACE Enexor, Inc. (ACEX), formerly PHINMA Petroleum and Geothermal, Inc., is a Philippine corporation organized on September 28, 1994 as a wholly-owned subsidiary of PHINMA Energy Corporation (PHEN). In April 2019, PHINMA, Inc., the ultimate parent company of PPG, received the approval from the Philippine Competition Commission for the sale of its and PHINMA Corporation's combined 51.48% stake in PHEN to AC Energy, Inc.

On November 11, 2019, the Securities and Exchange Commission approved the Company's change in name to the present one to reflect the change in the ownership.

ACEX's primary business is the exploration and production of crude oil and natural gas through interests in petroleum contracts and through holdings in resource development companies with interests in petroleum contracts. The Company began its foray into the exploration and development of geothermal resources in 2017.

As of February 2020, ACEX has interests in five oil and gas service contracts (SC), namely: 33.34% in SC51 in Eastern Visayas; 50% in SC69 in Camotes Sea, also in Eastern Visayas; 75% (upon approval by the DOE of the Deed of Assignment) in SC 55 in offshore West Palawan through its subsidiary Palawan 55; 7.78% in SC 6 Block A in Northwest Palawan; and 2.475% in SC 6 Block B also in Northwest Palawan.

The Company holds 69.35% interest in Palawan55 Exploration & Production Corporation (Palawan55), an upstream oil and gas company which holds the 6.82% participating interest in SC 55. Palawan55 received a deed of assignment in September 2019 where Century Red, Pte. Ltd. assigned to Palawan55 its 37.5% interest in SC 55, subject to approval of the Department of Energy.

Source: SEC Form 17-A (2019)/Disc. No. 2446/3458/6107/6433/7962/7982-2019
Security Information
Sector Mining and Oil
Subsector Oil
Corporate Life 50
Incorporation Date 28-Sep-1994
Number of Directors 11
Stockholders' Meeting as per By-Laws Every last Monday of January of each year
Fiscal Year 12/31 (Month/Day)
External Auditor SyCip Gorres Velayo & Co.
Transfer Agent Stock Transfer Services Incorporated
Contact Information
Business Address 4th Floor, 6750 Office Tower, Ayala Avenue, Makati City
E-mail Address
Telephone Number 7730-6300
Fax Number 7751-6511