Forum Awarded Service Contract for GSEC 101 License

Source: www.gulfoilandgas.com 2/15/2010, Location: Asia

The board of Forum Energy, the UK based gas & oil E&P company with a portfolio of projects in the Philippines, is delighted to announce that the Government of the Philippines, acting through the Philippines Department of Energy, has awarded the Service Contract relating to the GSEC 101 licence to Forum (GSEC 101) Limited, a wholly owned subsidiary of the Company.

The GSEC101 licence in which the Company has a 70% interest, is the Company's principal asset, and is situated offshore west of Palawan Island in the South China Sea. In 2006, results from a 248 square kilometre 3D seismic survey over the licence area confirmed a minimum of 3.4 TCF proven gas in place with significant upside potential.

Full details relating to the contract work programme will be announced shortly.

Walter Brown, Chief Executive Officer, commented:
“We are very pleased to have finally secured the Service Contract over the GSEC 101 area in what is a company-changing development for Forum Energy. We intend to push forward with the appraisal of this gas field to commerciality and ultimately to the delivery of material value to our shareholders. Given the potential size of the resource and proximity to the Asian markets, we believe this project is an ideal candidate for an LNG facility.”

The Company announces that Noble & Company Limited, the Company's Nominated Adviser and Broker, has changed its name to Execution Noble & Company Limited with immediate effect.


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Related Categories: Civil Works  Civil Works - Finishing works  Construction Contractors  Electrical Works  Engineering Procurement and Construction (EPC)  Engineering Procurement and Construction Management (EPCM)  General  Mechanical Works  Pipe Lines Installations  Steel Works 

Related Articles: Civil Works  Civil Works - Finishing works  Construction Contractors  Electrical Works  Engineering Procurement and Construction (EPC)  Engineering Procurement and Construction Management (EPCM)  General  Mechanical Works  Pipe Lines Installations  Steel Works 


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