Forum Energy to Stop Exploration Work at SC 72 Due to Philippine-China Spat

Forum Energy, the U.K. incorporated oil and gas exploration and production company with a focus on the Philippines, confirmed Monday that the Philippine Department of Energy (DOE) has granted a force majeure on Service Contract 72 (SC72) because this contract area falls within the territorial disputed area of the West Philippine Sea which is the subject of an United Nations arbitration process between the Republic of Philippines and the People's Republic of China.

Under the terms of the force majeure, all exploration work at SC72 is immediately suspended (effective from Dec. 15, 2014) until the DOE notifies the Company that it may commence drilling. As a result, the second sub-phase of SC72 has been put on hold until further notice.

The terms of the second sub-phase and all subsequent sub-phases will be extended by the term of the force majeure.

Further updates on SC72 will be made as and when appropriate.


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