23/05/2013 10:51:03
23/05/2013 10:51:03
Forum Energy Share Forum |
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| Creator Robin_of_Loxley | Created 26 Sep 2006 | Posts 113 | Last Post 3 years ago |
| 20/02/2013 | Forum Energy Plc Final Results |
| 25/01/2013 | Forum Energy Plc SC72 Licence Extension |
| 17/01/2013 | Forum Energy Plc Request for SC72 Extension |
| 21/12/2012 | Forum Energy Plc Galoc Phase II Development Financing |
| 24/10/2012 | Forum Energy Plc Trading Update |
Forum Energy web site
COMPANY PROFILE
Forum Energy plc is a UK based oil, gas and coal E&P company with a portfolio of projects in the Philippines.
Forum Energy Plc (“Forum”) was established in April 2005 through the consolidation of the Philippine Oil, Gas and Coal assets of FEC Resources, Inc. of Canada and Sterling Energy Plc of the UK into one corporate entity. In the first half of 2005 Forum completed a £14.4m financing through pre-IPO and IPO fundraisings ahead of admission to the AIM market where the company’s shares are traded under the symbol “FEP”.
Potential unrisked reserve estimates for the seven prospects and three discoveries within the licences initially acquired by Forum total some 900 mmbbls of oil equivalent or 5.5 TCF of gas and include the GSEC101 gas discovery over which the company is awaiting the results of a 248Km2 3-D seismic survey.
In addition, Forum has recently enhanced its position in the region through the acquisition of the Philippine Oil and Gas assets of Basic Consolidated Inc (PSE: BCI). The newly-acquired assets included varying interests in nine offshore fields west of the Philippines. The portfolio includes contracts with existing infrastructure, production and proven hydrocarbon potential.
The company is also a coal producer and holds two Coal Operating Contracts (“COC”) in Central and Southern Cebu Island. The development of both contracts is being accelerated and production of 300,000 tonnes per annum is expected from Central Cebu by the end of 2008. The company intends to commence development of the Southern Cebu license during 2007 and is in addition currently applying for a further two licenses.
FORUM ENERGY PLC OPERATIONS
The Group's assets consist of:
100% interest in GSEC 101 (Reed Bank), an offshore licence which contains the Sampaguita Gas Field as well as several oil and gas leads.
66.7% interest in SC 40 (Cebu), a service contract which contains the onshore Libertad Gas Field and Maya discovery and several other prospects including onshore Jibitnil Island and offshore Central Tañon
An effective interest of 66.7% in two Coal Operating Contracts on Cebu Island containing a number of coal seams.
100% interest in Forum Energy Philippines Corporation (Formerly Basic Petroleum and Minerals Inc.), a company with varying interests in nine offshore fields west of the Philippines
RESERVES
PGS has produced an Oil & Gas Competent Person's Report covering GSEC 101 (Reed Bank) and SC 40 (Cebu). On a risked basis, estimated potential reserves from the three discoveries total some 2,330 BCF of gas and estimated risked reserves from prospects within the licences total some 93 mmbbls or 320 BCF in a gas case.
CSA Group has produced a Coal Competent Person's Report covering the South and Central Cebu COCs held by FEI in which the Company has an effective interest of 66.7 % Proven and probable coal reserves for all tenements are estimated to be 1.4 million metric tonnes and 3.5 million metric tonnes respectively. The figures below summarise the gross reserves of the COCs.
*NOTE: Reserves and resources quoted have not yet been re-defined to JORC or NI43-101 standards.
Forum Energy says Sampaguita find has gas-in-place estimates of 3.4 tcf
LONDON (AFX) - Forum Energy PLC said the Sampaguita gas discovery in the
Philippines is a "world class gas asset" with confirmed gas-in-place estimates
of at least 3.4 trln cubic feet.
Drilling results of the wells it has spudded on the block so far were
checked by independent consultants Count Geophysics Ltd.
"The extension of the structure to a possible closure of 290 square
kilometres (give) an upside reserves in these sands alone of 10 tcf," Forum said
in a drilling statement.
Seismic survey on the block, located off the north-west coast of Palawan
island, revealed that potential reserves of the site could reach up to 20 tcf,
added Forum, which holds a 100 pct stake on the block.
"We intend to push forward with appraisal at the earliest opportunity to
bring this gas field to commerciality. Given the potential reserve size and
proximity to the Asian markets, it is an ideal candidate for an LNG facility,"
said chief executive Russell Harvey.
Forum published the update after it unveiled losses of 339,000 usd in the
first half to June on revenues of 132,000 usd.
Forum to Participate in Significant Philippine Gas Asset Through Joint Venture With Sterling Energy Plc
CALGARY, Alberta, April 25 05 /PRNewswire-FirstCall/ -- FORUM ENERGY
CORPORATION (OTC Bulletin Board: FRUEF, Frankfurt/Munich: FE8) ("Forum" or
"The Company") reports the previously announced Joint Venture transaction has
been completed, subject to formal shareholder approval, through the formation
of a new company named "Forum Energy Plc".
The new company has been specially created by Forum Energy Corporation and
Sterling Energy Plc to combine and manage the energy assets of both companies
in the Philippines. Both Forum and Sterling will vend their respective
Philippine assets into the new company, in return for pre-negotiated equity
stakes.
Sterling will transfer to Forum Energy Plc an oil and gas license situated
offshore North West Palawan known as GSEC101 (Reed Bank), located in the South
China Sea, Philippines. The license contains the Sampaguita gas discovery. In
a recent assessment PGS Reservoir Consultants (UK) Limited estimated the
potential gas reserves of the Sampaguita field to be approximately 2.3 TCF
(trillion cubic feet).
Forum Energy Corporation will transfer to the new company its 66.67%
interest in Forum Exploration Inc., which includes oil and gas license SC40,
onshore and offshore of the northern portion of the island of Cebu,
Philippines, as well as the Central Cebu and Southern Cebu coal operating
contracts (COCs).
Following the transfers, the new company will apply for admission to the
Alternative Investment Market (AIM) of the London Stock Exchange. Forum
Energy Plc has already received pre-IPO commitments for 3.4 million pounds
sterling (c. US$6.5 million). The funds have been raised through an
institutional placement brokered by Noble & Company of London & Edinburgh. The
investors will acquire approximately 20% of the new company.
Following the pre-IPO placement, Forum Energy Corporation's stake in the
new company will be approximately 57%, whilst Sterling will hold an
approximate 23% stake. The pre-IPO placement initially values the new company
at 17 million pounds sterling (c. US$32.5 million).
"We are delighted that Forum Energy Plc's pre-IPO fundraising efforts have
already resulted in 3.4 million pounds sterling (c. US$6.5 million) of
commitments. The transaction with Sterling Energy will provide Forum Energy
Corporation with the means to fast-track development of its Philippine assets,
through access to the London market along with the additional exposure to
GSEC101, a natural gas prospect with world-class potential. We are also very
pleased to be working with a company such as Sterling Energy, which has an
excellent reputation and track-record. We are confident that this transaction
will add significant value to the company," commented David Robinson, CEO.
The transaction is to be finalized on May 18th 2005 following an
Extraordinary General Meeting of Forum Energy Corporation's Shareholders.
Shareholders of record as at April 18th have been invited to attend the
meeting. At the meeting shareholders will also be asked to approve a name
change from Forum Energy Corporation to FEC Resources, Inc.
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Links
WEBSITE: http://www.forumenergyplc.com
LAST PRELIMS 18th JUNE
http://www.investegate.co.uk/Article.aspx?id=200706180800064974Y
Recent Press Articles and Speculation
http://www.manilatimes.net/national/2007/july/31/yehey/business/20070731bus5.html
http://www.manilastandardtoday.com/?page=business3_aug4_2007
http://business.inquirer.net/money/breakingnews/view_article.php?article_id=80981
http://services.inquirer.net/print/print.php?article_id=80981
http://www.rigzone.com/news/article.asp?a_id=48666
http://www.businessmirror.com.ph/08072007/nation06.html
http://www.businessmirror.com.ph/07232007/headlines02.html
GSEC 101 is in the Spratly island contested area.
http://www.manilatimes.net/national/2007/sept/12/yehey/business/20070912bus6.html
http://www.energy365og.com/guestnewsdetail.asp?news_ID=19227
The contested area of the Spratly islands. References:
http://community.middlebury.edu/~scs/maps/US%20EIA,%20South%20China%20Sea%20Tables%20and%20Maps.htm
http://www.american.edu/projects/mandala/TED/ice/spratly.htm
http://www.csiwisepractices.org/?read=411
http://www.csiwisepractices.org/?read=426
http://www.countrywatch.com/facts/facts_default.aspx?type=text&topic=SESPI
http://www.usip.org/pubs/specialreports/early/snyder/south_china_sea1.html
Interim Results
http://www.investegate.co.uk/Article.aspx?id=200709271430036322E
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