Forum Energy gets SC72 extension
- Business & Finance
Forum Energy, the UK incorporated oil and gas exploration and production company with a focus on the Philippines, today 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.
The company has said that further details regarding the Company’s plans for SC72 will be made in due course, as and when appropriate.
During 2011, 2,202 line-km of 2D seismic, gravity and magnetic data was acquired over SC72 in order to further define additional leads already identified, while 565 sq km of 3D seismic data were acquired over the Sampaguita Gas Field.
Seismic data interpretation of these surveys was carried out by Weatherford Petroleum Consultants (“Weatherford”) in 2012. The results have indicated the Sampaguita Gas Field to contain contingent resources of 2.6 TCF Gas in Place (GIP) and potential upside of 5.5 TCF of contingent and prospective Gas in Place (GIP) resources.