OIL AND GAS

Reed Bank (SC72 formerly GSEC101)

Results from the 3D seismic programme and its interpretation performed by independent consultants, Count Geophysics Limited, indicated expected reserves 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 reserves in these sands alone of 10 TCF.  Additional untested sands, which are known to contain gas, could double this figure. The block also contains 8 additional leads which require further work that has the potential to add a further 20 TCF in aggregate.

SC40

Potential unrisked reserves estimates for the seven prospects and two discoveries within the SC40 licence total some 907 mmbbls and 3.167TCF in the gas case. On a risked basis, estimated potential reserves from the two discoveries sum to an aggregate 1.14 BCF of gas  and estimated risked reserves from prospects within the licences aggregate 93 mmbbls or 320 BCF in a gas case.

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.