DOE Approves Pryce Gas CINCO-1 Drilling Proposal

The Department of Energy ("DOE") has approved SC 55 Consortium’s updated proposal for the drilling of the CINCO-1 well.

Photo Insert: Pryce Gases, Inc. (PGI), a subsidiary of Pryce Corporation, has a 25% participating interest in Service Contract 55.

The CINCO prospect is deemed as a viable drilling target based on studies conducted and prospective resource estimates because it met the benchmarks for a floating LNG development.

The drilling of the appraisal well is estimated to commence by April 2023, before the expiration of the DOE-declared 1-year Force Majeure period on SC 55.

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.

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