Forum Energy PLC is planning the execution of a second subphase work program that is expected to involve the drilling of one or two wells in undeveloped, deepwater Sampaguita gas-condensate field west of Palawan Island in the Philippines by June 2013.
Sampaguita is on Service Contract 72 on Recto Bank, formerly Reed Bank, about 100 miles southwest of Malampaya gas-condensate field (see maps, OGJ, Nov. 19, 2001, p. 46).
Forum Energy a consultant’s final interpretation, including identification of optimal drilling locations, of 2D and 3D seismic data shot in 2011 is expected by mid-2012. The company has a 70% interest in the 8,800 sq km license, which also contains numerous leads.
Philex Petroleum Corp., listed on the Philippine Stock Exchange, controls 64.45% of Forum Energy shares and has enabled Forum Energy to fund its share of the first subphase work program. Forum Energy may also take partners in order to accelerate development.
Malampaya, discovered in 1992 with more than 4.3 tcf of reserves, started producing gas to power plants south of Manila in October 2001 through a 313-mile, 24-in. subsea pipeline.