Alongside a program to begin production from proven gas and coal reserves over the next 12 months, Forum has just completed an offshore 2D seismic acquisition program in the Tanon Strait, west of Cebu Island.
Forum Energy Plc, which will open its London headquarters in July following a successful c. US$6,2M fundraising from UK institutional investors, has commissioned Spectrum Energy (UK) to process this seismic data over the course of the summer.
Forum Energy Plc's Chief Executive David Robinson said: "Following our fundraising we are pleased to have got off to such a smooth start with our forward program. We have a strong portfolio of forthcoming production and exploration interests in the Philippines, and look forward to becoming a key player in the country's increasingly important energy sector."
The seismic survey, completed by the Veritas Searcher, acquired 310 kilometers of new data in license SC40, where Forum Energy Plc holds a 67% interest. Structures within the area covered by this survey have combined potential reserves of 350 million barrels of oil according to estimates made by the independent geoscientific consultancy, PGS Reservoir Ltd.
Forum Energy Plc's assets also include known onshore and offshore gas and oil finds as well as two coal operating contracts with proven and probable reserves of 4.9 million tons. First gas production is expected by the first quarter of 2006 with coal production during the first half of 2006.
ABOUT FEC RESOURCES, INC.
FEC Resources, Inc. is an independent company and through its majority shareholding in Forum Energy Plc has a significant interest in oil, gas and coal in the Philippines. FEC Resources Inc holds a 57.9% in Forum Energy Plc.
With the Company's recent strategic changes, it has uniquely positioned itself to pursue assets in the resources sector of the Philippines, thus taking advantage of the Board level experience now available in these fields along with management and consultants with regional expertise, and most importantly the prospects of a country rich in undeveloped minerals.
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