Based on the results of 1-X it has been decided, that a step out well, Forum 2-X will now be drilled. The drilling of the Forum 2-X well has been approved by the Philippine Department of Energy (DOE). "During the deepening of the 1-X/A well, over 100 feet of oil bearing sands were encountered from 1520ft to 1700ft. Other potential reservoirs could be present from 1000ft and 1450ft," commented by Larry Youell, President and CEO.
"All drilling requirements have been purchased and are now in Cebu, Philippines, enabling the drilling of Forum 2-X to start. FEI plans to conduct an Extended Production Test (EPT) to determine the commercial viability of the project." Youell continued: "Furthermore, preparations have already begun for the CMB-5 well, which will be drilled immediately after 2-X. The location of CMB-5 is only 400 meters from the 1-X and 2-X sites. The CMB-5 well is close to the old CMB-2 drilled in the 1970's. The CMB-2 well flowed over a hundred barrels of oil per day at shallow depths."
The company's CEO concluded, "There is now a detailed roadmap for the development of this area which has been agreed with the Philippine DOE. We are happy with the results so far, but remain focused on the urgent need to complete 2-X, CMB-5 and possibly CMB-6 so that we may ascertain the potential of producing crude oil by the end of the year."
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