Forum Energy Share Discussion Threads

[flyingbull] 30/12/2013 16:11

The challenge is on! The proof is in the pudding!! ;-)
Please enter before the oil competition deadline of midnight on Wed, 1 January, 2014. 

Wish you All the Best for 2014!!!
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[spaceparallax] 18/12/2013 18:38

Interesting

[sirshagalot] 17/12/2013 14:27

hxxp://www.channelnewsasia.com/news/asiapacific/us-warns-china-against/925548.html

usa commited to defence of phillipines

[sirshagalot] 13/12/2013 23:01

more argy bargy.
hxxp://freebeacon.com/chinese-naval-vessel-tries-to-force-u-s-warship-to-stop-in-international-waters/

[spaceparallax] 11/12/2013 14:14

Hopefully China is able to recognise that the relationship with the world is mutually beneficial - we can't survive without the World's workshop as they can survive without the World's markets.

The problem is perhaps more down to the unsustainability of aggressive capitalism, the need to constantly chase growth whilst offering no additional value. It merely causes overheating of systems, insatiable demand for energy and resources and rising prices that begin to outstrip incomes for the majority. That then leads to conflicts of an internal or external nature.

[sirshagalot] 11/12/2013 14:05

china hates truth and logic

[jonno1] 06/12/2013 10:54

you can buy Otto at 8.5 cents BTW , is also quoted on IG while we wait for something to happen here

[earnestwipplethwaiteiii] 06/12/2013 08:03

Not a very subtle ramp. This share will not re-rate without a resolution to the Reed Bank issue. Everything else is a sideshow.

[topinfo] 06/12/2013 07:55

This should re-rate on this news yesterday. Great news.

[sirshagalot] 05/12/2013 21:54

the mm,s are digesting the news hence the flat liner in afternoon.
hold tight

[earnestwipplethwaiteiii] 05/12/2013 13:35

Yes, I recall that moniker from the last p&d here.
Still, it is modestly good news for Forum, stuck in the mire as the company is with Sampaguita.

[topinfo] 05/12/2013 13:26

FEP they are in production at last , great news!

[whereareallthemugpuntersyachts] 05/12/2013 13:20

A few of Topinfos recent disasters

[whereareallthemugpuntersyachts] 05/12/2013 13:19

You can tell Topinfo usually deals in microcap rubbish if he thinks 349 barrels is a lot

[topinfo] 05/12/2013 13:17

Everyone one asleep FEP or on lunch.

14,000 bopd - 349 bopd net to FEP. wow

Otto Chief Executive Officer Gregor McNab said: "Development of any offshore field presents unique challenges - particularly so for a field like Galoc in a remote location - and so I would like to thank the Otto team who have committed their significant experience and professionalism to successfully bring Galoc Phase II into production. This achievement is a credit to the Department of Energy which has worked relentlessly to promote oil and gas activity in the Philippines, our joint venture partners and all of our contractors."





Mr. McNab added: "For Otto shareholders this represents a significant milestone, with our share of cash flow from Galoc set to increase substantially, providing the company with additional funds to finance our exploration and development activities in South East Asia and East Africa. It also represents a major validation of our capability as an operator as we consider new ways in which to grow the company and deliver returns to shareholders."

[topinfo] 05/12/2013 13:09

TIDMFEP


RNS Number : 8208U





Forum Energy Plc





05 December 2013





5 December 2013





FORUM ENERGY PLC





("Forum Energy" or the "Company")





COMMENCEMENT OF PRODUCTION FROM GALOC PHASE II





The Directors of Forum Energy note today's announcement released by Otto Energy Limited ("Otto") (ASX:OEL), the operator of the Galoc Phase II joint venture offshore the Philippines in which Forum Energy has a 2.27% participating interest.





The Otto announcement confirms that Galoc-5H and 6H wells have been successfully commissioned and that the four wells in the field are currently producing 14,500 barrels of oil per day ("bopd") (329 bopd net to Forum Energy).





Following the testing and optimisation period, which is likely to be completed in the middle of the first quarter of 2014, Forum Energy understands that production is then initially expected to be optimised at a lower level of up to 12,000 bopd (273 bopd net to Forum Energy). However, there is no guarantee that this optimised level of production will be achieved. The Company does not expect to be able to announce the ongoing level of production from the four wells until the optimisation period has completed.





The full Otto announcement appears below:





COMMENCEMENT OF PRODUCTION FROM GALOC PHASE II





Highlights:



-- Galoc-5H and 6H wells successfully commissioned and production commenced -- First production delivered just over 14 months after project approval

-- Production from Galoc is currently at 14,500 barrels of oil per day and is expected to be operated at 12,000 barrels a day from four wells going forward

-- Otto has a 33% stake in Galoc and is the field Operator



Otto Energy Limited ("Otto") (ASX:OEL), on behalf of the Philippines Department of Energy (DOE) and the Galoc oil field Joint Venture, is pleased to announce that production has commenced from the Galoc-5H and 6H wells drilled and completed under the Phase II development of the field.





Commissioning of the Galoc Phase II project represents a major achievement for the DOE, Otto Energy (the Operator) and the other partners within the Galoc Joint Venture. Initial production is 14,500 barrels of oil per day and the four well system is expected to be operated at 12,000 barrels of oil per day going forward.





Galoc has produced more than 11 million barrels of oil since it was commissioned in 2008. Ultimate recovery from the field, with the addition of Galoc-5H and 6H, is expected to be approximately 25 million barrels of oil with end-of-field life extended beyond 2020.





Otto, as operator, has delivered Phase II from sanction to commencement of production in just over 14 months. Phase II has been delivered safely and close to both the original budget and schedule set in August 2012. The project has experienced many challenges including maintaining safe operations during the recent Super Typhoon Haiyan and successful drilling of the horizontal wells through the Galoc reservoir.





Otto Chief Executive Officer Gregor McNab said: "Development of any offshore field presents unique challenges - particularly so for a field like Galoc in a remote location - and so I would like to thank the Otto team who have committed their significant experience and professionalism to successfully bring Galoc Phase II into production. This achievement is a credit to the Department of Energy which has worked relentlessly to promote oil and gas activity in the Philippines, our joint venture partners and all of our contractors."





Mr. McNab added: "For Otto shareholders this represents a significant milestone, with our share of cash flow from Galoc set to increase substantially, providing the company with additional funds to finance our exploration and development activities in South East Asia and East Africa. It also represents a major validation of our capability as an operator as we consider new ways in which to grow the company and deliver returns to shareholders."





For further information please contact:





Forum Energy Plc

[topinfo] 05/12/2013 13:09

Wow Rns, look at those numbers.

Re-Rating Rns that

[flyingbull] 30/11/2013 23:14

The December oil stock competition is on. Deadline for entry is midnight on Sunday.

All the best!

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[spaceparallax] 26/11/2013 09:56

The loan facility increase is a very positive sign.

[sirshagalot] 21/11/2013 16:52

Well the PXP share price performance is anything but optimistic.

but in saying that pxp went very high indeed!.
when fep floundered to a pimple chart of a rise.

while i am here i wish the Philippines all the best luck in recovering from such a devastating event.

[fireplace22] 21/11/2013 16:30

Well the PXP share price performance is anything but optimistic.

[dr knowledge] 21/11/2013 16:27

Great news re the loan - meaning BOTH parties must still be positive that ultimately we will get a positive outcome re SC72. ;-)