Forum Energy, the UK incorporated oil and gas exploration and production company with a focus on the Philippines, confirms that the Philippine Department of Energy has granted the Company’s request for an extension to the second sub-phase of Service Contract 72 (“SC72”).
The deadline for completion of the second sub-phase, comprising the drilling of two appraisal wells, has now been extended by one year to 15 August 2016.
Forum Energy holds 70% interest in SC72 (Recto Bank), an offshore licence which contains the Sampaguita Gas Field as well as several oil and gas leads.
In 2006 Count Geophysics and Oilfield Production Consultants (OPC) Limited produced an Evaluation Report covering SC72. The report indicated mean resources of 3.4 TCF Gas in Place (GIP) with potential upside ranging up to 20TCF Gas in Place (GIP).
Press Release, July 09, 2014