Sampaguita gas reserves potential pegged at 20 tcf

Using 3D seismic program results at its Sampaguita gas discovery offshore the Philippines, Forum Energy Plc. has estimated potential reserves at 20 tcf.

Offshore staff

CHERTSEY, UK -- Using 3D seismic program results at its Sampaguita gas discovery offshore the Philippines, Forum Energy Plc. has estimated potential reserves at 20 tcf. The block is of the northwest coast of Palawan Island.

Count Geophysics Ltd., independent consultants, confirmed a minimum of 3.4 tcf proven gas in place from sands tested in the three wells drilled to date. There are untested sands also known to contain gas in the area, according to Forum.

"We intend to push forward with appraisal at the earliest opportunity to bring this gas field to commerciality," says Russell Harvey, Forum CEO. "Given the potential reserve size and proximity to the Asian markets it is an ideal candidate for an LNG facility."

9/27/06

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