OIL AND GAS

Recto Bank (SC72 formerly GSEC101)

During 2011, 2,202 Line-Km of 2D seismic data were acquired over SC72 in order to further define additional leads already identified, and 565 sq km of 3D seismic data were acquired over the Sampaguita Gas Field in SC72.      

The interpretation of these surveys was carried out by Weatherford Petroleum Consultants (“Weatherford”) in 2012. The report has indicated the Sampaguita Gas Field to contain contingent resources of 2.6 TCF Gas in Place (GIP) and potential upside of 8.1 TCF of contingent and prospective Gas in Place (GIP) resources.    

The block also contains additional leads that will be subject to remapping once the current 2D seismic reprocessing work is completed.

SC40

In 2013 Petroleum Geo-Services (“PGS”) produced a new competent persons report on the SC40 contract area.  SC40 contains a developed gas field, two tested oil prospects and nine untested oil and gas exploration leads and prospects.  This report included probabilistic resource estimates for the gas field and all of the leads and prospects.  

The Company intends to pursue the exploration, development and exploitation of its onshore and offshore hydrocarbon assets and seek to acquire further licences in the Philippines.   

Forum Energy's management team has extensive experience in developing discoveries and prospects to production and relationships within the Government of the Philippines.