Through a wholly-owned subsidiary acquired from Sterling Energy Plc, Forum Energy Plc has completed a key 3D seismic survey across the major Sampaguita gas discovery offshore the Philippines.

Analysis of the results will provide more information on the commercial potential of this highly promising discovery, and help identify the best location for a possible appraisal well to be drilled next year.

Sampaguita lies 250 kilometres southwest of the world-class Malampaya gas field, where operator Shell has installed extensive production facilities and pipeline infrastructure that supplies gas to three Philippine power plants.

Gas has already been tested from Sampaguita during the 1970s and 1980s. A recent independent assessment by petroleum consultants PGS Reservoir Ltd., estimated that the field could contain potential recoverable gas reserves of up to 2.3 trillion cubic feet.

Forum Chief Executive David Robinson said: “We are delighted to have completed this important survey so efficiently, and are confident that state-of-the-art 3D seismic technology will give a much clearer understanding of the extent of this potentially highly significant gas discovery.”

The survey was carried out over an area of 248 square kilometres by DGC Asia Pacific Ltd, part of Veritas, using the M/V Pacific Sword. Veritas will also process the results.

It has been completed just two weeks after Forum arrived on AIM, following a successful £11 million fund-raising at 112p per share.

Sampaguita is located within licence area GSEC 101 west of Palawan Island in the South China Sea, and Forum holds 100% of the licence. It is an under-explored block covering 10,630 square kilometres and containing at least eight other undrilled prospects and leads around Sampaguita.

For further information, contact:
David Robinson, Chief Executive, Forum Energy plc: +44 (0) 7917 808 650
Adam Westcott, Noble & Company Ltd: +44 (0) 131 225 9677
Ian Foster, First City Financial Public Relations: +44 (0) 20 7436 7486 or +44 (0) 7739 185 050