FORUM ENERGY PLC OPERATIONS

The Group's assets consist of:

• 70% interest in SC72 (Recto Bank), an offshore licence which contains the Sampaguita Gas Field as well as several oil and gas leads.
• 66.7% interest in SC 40 (Cebu), a service contract which contains the onshore Libertad Gas Field and Maya discovery and several other prospects including onshore Jibitnil Island and Tambongon; and
• 100% interest in Forum Energy Philippines Corporation a company with varying interests in nine offshore blocks west of the Philippines including the producing Galoc field currently producing around 5,000 mmbbls per day, in which Forum holds a 2.27% interest.

RESERVES

In 2006 Count Geophysics and Oilfield Production Consultants (OPC) Limited produced an Evaluation Report covering SC72. The report indicated mean resources of 3.4 TCF Gas in Place (GIP) with potential upside ranging up to 20TCF Gas in Place (GIP).   

PGS has produced an Oil & Gas Competent Person's Report covering SC 40 (Cebu). On a risked basis, estimated potential reserves from the two discoveries total some 1.14 BCF of gas and estimated risked reserves from prospects within the licence total 93 mmbbls or 320 BCF in a gas case. Potential unrisked reserves estimates for the seven prospects and two discoveries within the SC40 licence total some 907 mmbbls in the oil case or 3,167 BCF in the gas case.