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Wed 07 Jan 2009 08:03

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FORUM ENERGY PLC OPERATIONS

The Group's assets consist of:

  • 100% interest in GSEC 101 (Reed 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 offshore Central Tañon
  • An effective interest of 66.7% in two Coal Operating Contracts on Cebu Island containing a number of coal seams.
  • 100% interest in Forum Energy Philippines Corporation (Formerly Basic Petroleum and Minerals Inc.), a company with varying interests in nine offshore fields west of the Philippines

RESERVES

PGS has produced an Oil & Gas Competent Person's Report covering GSEC 101 (Reed Bank) and SC 40 (Cebu). On a risked basis, estimated potential reserves from the three discoveries total some 2,330 BCF of gas and estimated risked reserves from prospects within the licences total some 93 mmbbls or 320 BCF in a gas case.

CSA Group has produced a Coal Competent Person's Report covering the South and Central Cebu COCs held by FEI in which the Company has an effective interest of 66.7 % Proven and probable coal reserves for all tenements are estimated to be 1.4 million metric tonnes and 3.5 million metric tonnes respectively. The figures below summarise the gross reserves of the COCs.

*NOTE: Reserves and resources quoted have not yet been re-defined to JORC or NI43-101 standards.

© 2007 Forum Energy PLC
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