MANILA, Philippines — Phinma Petroleum and Geothermal Inc. (PPGI) is taking a bigger stake in Service Contract (SC) 55 offshore West Palawan after one of its partners withdrew from the project. In a disclosure to the Philippine Stock Exchange yesterday, PPGI said Australian firm Century Red Pte. Ltd. is effectively withdrawing as co-contractor in SC 55. Century Red issued a deed of assignment, transferring its 37.5 percent interest in SC 55 to Palawan55 Exploration and Production Corp. PPGI – to be renamed AC Enexor Inc. – owns 75 percent of Palawan55 while Phinma Energy Corp. – which will be renamed AC Energy Philippines Inc. – owns 25 percent of the company. “Upon DOE’s approval of the assignment, the participating interest of Palawan55 in SC 55 shall increase to 75 percent,” PPGI said. But even prior to the withdrawal of Century Red, PPGI president and chief executive officer Eric Francia said the consortium would search for strategic partners for the drilling of new wells in the prospect which is estimated to cost $30 million to $40 million. The company is set on completing resource assessment and quantitative interpretation of the 3D data before advancing talks with potenti...