Further to the Company’s announcement of 15 February 2010, relating to the award of the service contract over the GSEC 101 licence area, the board of Forum Energy has received confirmation by way of a letter from the Republic of the Philippines’ Department of Energy that the new service contract is Service Contract 72 (SC72).

Further to press speculation in Manila today, the Company also wishes to confirm that SC72 is not situated in the Spratly Group of Islands.  It has an areal extent of 8,800 square-kilometres and is in fact located in Reed Bank area.  Reed Bank area is approximately 150 kilometres east of Spratlys near the Philippine island of Palawan.

The Company further states that SC72 is within the 200 nautical mile Exclusive Economic Zone (EEZ) based on Republic Act No. 9522 or the Philippine Archipelagic Baseline Law signed on March 10, 2009.  RA 9522 defines the archipelagic baselines of the Philippines, while affirming Philippine sovereignty and jurisdiction over the areas including that of SC72.  

For further information please contact:

Forum Energy Plc
Andrew Mullins, Executive Director                   Tel: +44 (0) 1932 445 344  

Execution Noble & Company Limited
Harry Stockdale, John Llewellyn-Lloyd              Tel: +44 (0) 20 7456 9191  

Pelham Bell Pottinger
Nick Lambert / Henry Lerwill                             Tel: +44 (0) 20 7337 1500