Forum Spuds Third Well in North Cebu, Philippines

Forum Exploration, operator of Service Contract No. 40 located in Northern Cebu spudded the FORUM-3X well earlier this week. To date, the well is at a depth of 140 feet.

Forum-3X is an exploratory well, located in Barangay Maya, Municipality of Daanbantayan, Cebu Island. It aims to test further and appraise the Maya Anticline, where gas accumulation has been previously discovered within Early to Late Miocene reservoirs.

Forum-3X is located 500m southwest of Forum-2X which flowed gas during an openhole test conducted last October 20, 2003.

The Forum-3X well is being drilled using the company-owned Hycalog Rig HH3500, to a proposed total depth of 1,800 feet. It is expected to penetrate its primary objective, the Lower Miocene Malubog Formation, and its secondary objective, the Upper Miocene Maingit Formation.

It is estimated that Forum-3X will be drilled in 21 days if dry hole and 29 days in case of a completed well.

Forum Exploration, Incorporated is the sole participant in Service Contract no. 40."