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Thank you for posting your question on History Hub.
We can offer two possibilities based on the information provided:
1. Administration Group,15th Naval District, Balboa, Canal Zone--Balboa was the location of the headquarters to the naval district.
2. Miscellaneous Auxiliary, 15th Naval District, Balboa, Canal Zone--AG is a ship designation usually accompanied by a hull number, but this mention in a service record may indicate assignment to miscellaneous auxiliary craft assigned to the naval district.
We hope this information will be helpful in your research.