Forum Energy takes Philippine service contract

The Philippines Department of Energy, has awarded a service contract relating to the GSEC 101 licence to Forum (GSEC 101) Ltd, a wholly owned subsidiary of Forum Energy.

Offshore staff

CHERTSEY, UK – The Philippines Department of Energy, has awarded a service contract relating to the GSEC 101 licence to Forum (GSEC 101) Ltd, a wholly owned subsidiary of Forum Energy.

GSEC101, in which the company has a 70% interest, is offshore west of Palawan Island in the South China Sea.

“We intend to push forward with the appraisal of this gas field to commerciality and ultimately to the delivery of material value to our shareholders,” says CEO Walter Brown. “Given the potential size of the resource and proximity to the Asian markets, we believe this project is an ideal candidate for an LNG facility.”

02/17/2010

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