Palawan 55 holds a 75% stake in Service Contract 55 (SC55) alongside Pryce Gases Inc which owns the remaining 25%.
The permit was previously held by Otto Energy and Red Emperor Resources.
AC Energy, via its subsidiary Palawan55, is seeking an Australian partner to explore a deep-water block in the southwest Palawan Basin of the Philippines.
Palawan 55 holds a 75% stake in Service Contract 55 (SC55) alongside Pryce Gases Inc which owns the remaining 25%.
The permit was previously held by Otto Energy and Red Emperor Resources.