The Government of the Philippines, acting through the Philippines Department of Energy, has today awarded the Service Contract relating to the GSEC 101 license to Forum (GSEC 101) Limited, a wholly owned subsidiary of Forum Energy.
The GSEC 101 license in which the Company has a 70% interest, is the Company's principal asset, and is situated offshore west of Palawan Island in the South China Sea. In 2006, results from a 248 square kilometer 3D seismic survey over the license area confirmed a minimum of 3.4 TCF proven gas in place with significant upside potential.
Full details relating to the contract work program will be announced shortly.
Walter Brown, Chief Executive Officer, commented, "We are very pleased to have finally secured the Service Contract over the GSEC 101 area in what is a company-changing development for Forum Energy. We intend to push forward with the appraisal of this gas field to commerciality and ultimately to the delivery of material value to our shareholders. Given the potential size of the resource and proximity to the Asian markets, we believe this project is an ideal candidate for an LNG facility."
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