3D Seismic Survey Completed Over Sampaguita Gas Discovery
Forum Energy has completed a key 3D seismic survey across the major Sampaguita gas discovery offshore the Philippines.
Analysis of the results will provide more information on the commercial potential of this highly promising discovery, and help identify the best location for a possible appraisal well to be drilled next year.
Sampaguita lies 250 kilometres southwest of the world-class Malampaya gas field, where operator Shell has installed extensive production facilities and pipeline infrastructure that supplies gas to three Philippine power plants.
Gas has already been tested from Sampaguita during the 1970s and 1980s. A recent independent assessment by petroleum consultants PGS Reservoir Ltd., estimated that the field could contain potential recoverable gas reserves of up to 2.3 trillion cubic feet.
The survey was carried out over an area of 248 square kilometres by DGC Asia Pacific Ltd, part of Veritas, using the M/V Pacific Sword. Veritas will also process the results.
It has been completed just two weeks after Forum arrived on AIM, following
a successful 11 million pounds Sterling fund-raising at 1.12 pounds per share.
Shares in the company are currently trading at 1.18 pounds per share.
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