COMPANY PROFILEForum Energy plc (“Forum”) is a UK based gas & oil E&P company with a portfolio of projects in the Philippines.
In September 2006 results of the interpretation of the 3D seismic programme at the Sampaguita gas discovery indicated the potential of a world class gas accumulation with a range of Gas-in-Place of up to around 20 TCF (“Trillion Cubic Feet”).
Forum has 70% of the equity in the licence in which the Sampaguita offshore gas discovery is situated. The block is located off the North West coast of Palawan Island in the Philippines.
Results from the 3D seismic programme and its interpretation performed by independent consultants, Count Geophysics Limited and Oilfield Production Consultants (OPC) Limited, confirmed a mean volume of 3.4 TCF gas in place (GIP) from sands tested in the 3 wells drilled to-date and the extension of the structure to a possible closure of 290 sq. km giving an upside in these sands alone of 10 TCF (GIP). On 15 February 2010 the contract was converted to a full Service Contract.
In April 2006, Forum enhanced its position in the region through the acquisition of the Philippine Oil and Gas assets of Basic Consolidated Inc (PSE: BCI). The newly-acquired assets included varying interests in nine offshore fields west of the Philippines. The portfolio includes a 2.27% interest in the Galoc field which is currently producing 7,000 barrels per day.
In 2008, a majority stake in the company was acquired by the Philippines’ largest mining company, Philex Mining Corporation, who through its subsidiary companies (FEC Resources Inc, and Philex Petroleum Corporation) holds 64.45% of the issued capital of Forum.