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Forum Energy wants extension of Recto Bank work program

FORUM Energy Plc., an oil and gas company controlled by Philex Mining Corp., has asked the Energy department for an extension of the work program on Recto Bank.

“We’ve asked for an extension. The deadline for Phase 1, or Phase sub 1, is on August 2013. We won’t make it so we asked for an extension,” said Philex Chairman Manuel V. Pangilinan.

Forum Energy was supposed to conduct geotechnical investigation that would include surface exploration of the Service Contract (SC) 72 site in October last year but was unable to get the required approval from the government, pending diplomatic issues with Chinese government.

SC 72 covers an 8,800-square-kilometer area in offshore west Palawan. Forum Energy’s consultant Weatherford Petroleum has revealed that SC 72 contains prospective resources of as much as 16.6 trillion cubic feet of gas and 416 million barrels of oil.   

Forum Energy’s work program calls for the drilling of two exploratory wells between now and August 2013.

Pangilinan said drilling activities won’t happen this year, citing the lack of vital studies in determining the viability of the project. 

“I would say unlikely for the drilling to happen this year given that the weather window is March to April and it takes awhile to mobilize… We need a survey first on site to determine the sea basin for stability for an oil rig. We haven’t done that yet,” he explained. 

Philex Mining owns 64.45 percent of Forum Energy through interests in FEC Resources Inc. and Philex Petroleum Corp. while Atok-Big Wedge Co. Inc. owns 25.95 percent and the remaining 9.6 percent is owned by minority shareholders in the UK.

Forum Energy, on the other hand, has a 70-percent stake in SC 72 while Monte Oro Resources and Energy Inc. holds the remaining 30 percent.

 

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