Forum & Basic Consolidated to Share Seismic Data

Forum Exploration Inc. has signed a data sharing agreement with Basic Consolidated Inc. This agreement will grant FEI full access and co-ownership of information on oil exploration prospects not presently covered by existing SC&GSEC contracts with the government of the Philippines.

iBasic, Inc., a subsidiary of BCI, will digitise and warehouse the data, in conjunction with the new Basic JV technical unit of FEI.

"This joint venture agreement (JVA) puts us in a unique position. At a moment in time where the oil & gas industry in the Philippines is going through a major overhaul, this agreement couldn't come at a more important and beneficial point. The Government is at a defining moment -- improving transparency of the business, and attracting foreign investment through initiatives such as the first ever Philippine Public Contracting Round (PCR-1) which took place earlier on this month," commented CEO Larry W. Youell.

Youell continued, "This means that not only are we going to benefit from huge amounts of data for our in house purposes, but also from the fact we will now become a co-vendor of such data to potential local and foreign investors and consortiums.

"With big players moving in to the area, after the huge success of the Malampaya project, and with these recent Government initiatives, we will be able to offer something of real substance to oil companies wishing to establish themselves in this part of the world.

"The data will serve as a ready reference in assessing the prospectivity of oil exploration projects, and more importantly will shorten the period for technical studies, and we look forward to a fruitful and rewarding relationship with our new technical partners."