Forum Spuds Step Out Well in Philippines

Forum Exploration has begun drilling of Forum 2-X, a step out well from Forum 1-X well in Cebu, Philippines.

Mr. Ranilo Abando, Director of the Energy Resource Development Bureau at the Republic of the Philippines Department of Energy said that the Forum 2-X is a step out well from Forum 1-X, located in Barangay Maya, municipality of Daanbatayan, Cebu Island. It aims to test further and appraise the Maya anticline, where oil and gas deposits have been discovered with Early to Late Miocene reservoirs.

Forum 2-X well is being drilled using the company-owned Hycalog Rig HH3500, to a proposed total depth of 1,750 feet. It is expected to penetrate its primary objective, the Late Miocene Malubog formation, and its secondary objective, the Upper Miocene Maingit formations, with estimated reserves of 0.6 - 3.86 million barrels of oil (mmbo). It is estimated that Forum 2-X will be drilled in 21 days if dry hole, and 29 days in case of a completed well.

Larry Youell, President and CEO of Forum Exploration says that the results of the Forum 1-X well, and the many potential reservoir zones that were encountered in the sub 1000ft exploration section will now be further assessed and tested through the drilling of the step out well. Certainly all the signs look very encouraging and we have every confidence that Forum 2-X will yield positive results, paving the way forward to aggressively developing the potential reserves in the area, commencing with both a timely and successful completion of this well.