Lfeaccetfusd Regulatory News (FEP)

26 Sep 2006 07:03

Forum Energy Plc26 September 2006 26 September 2006 FORUM ENERGY PLC ("Forum" or the "Company") 3D SEISMIC PROGRAMME RESULTS AT SAMPAGUITA GAS DISCOVERY INDICATES WORLD CLASS GAS ASSET Forum Energy (AIM: FEP), the AIM listed oil, gas, and coal exploration andproduction company focused on the Philippines, is pleased to announce that theinterpretation of the 3D seismic programme at the Sampaguita gas discoveryindicates a world class gas accumulation with potential reserves of up to 20 TCF("Trillion Cubic Feet") Forum has 100% of the equity in the licence in which theSampaguita offshore gas discovery is situated. The block is located off theNorth West coast of Palawan Island in the Philippines. Results from the 3D seismic programme and its interpretation performed byindependent consultants, Count Geophysics Limited, confirmed a minimum of 3.4TCF proven gas in place from sands tested in the 3 wells drilled to-date and theextension of the structure to a possible closure of 290 sq. km giving an upsidereserves in these sands alone of 10 TCF. Additional untested sands, which are known to contain gas, could double thisfigure. The block also contains 8 additional leads which require further workthat has the potential to add a further 20 TCF in aggregate. Forum is in the process of converting the licence to a service contract andplans to drill an appraisal well as soon as possible. Russell Harvey, CEO of Forum Energy Plc commented: "We are extremely encouraged by the results of the seismic programme, whichconfirm that the Company has an asset of great potential. We intend to pushforward with appraisal at the earliest opportunity to bring this gas field tocommerciality. Given the potential reserve size and proximity to the Asianmarkets it is an ideal candidate for an LNG facility." Enquiries: Forum Energy Plc:Russell Harvey Tel: +44 (0)1932 445344Noble & Company Ltd:Mark Froggatt Tel: +44 (0)207 763 2200 Mob: +44 (0)7703 112259Pelham Public Relations:James Henderson Tel: +44 (0)20 7743 6673 Mob: +44 (0)7774 444163Charles Vivian Tel: +44 (0)20 7743 6672 Mob: +44 (0)7977 297903 1. In accordance with the AIM Rules, the information in thisreport has been reviewed and signed off by Russell Harvey, Chief ExecutiveOfficer at Forum, who is a member of the Energy Institute and who has at least 5years relevant experience within the sector. 2. Update disclosure table of Sampaguita gas discovery reserves. Discovery Summary Prospect Licence Proven GIP (1) Operator (TCF 2) Sampaguita GSEC 101 (Reed Bank) 3.41 Forum (3) Source: Count Geophysics Limited Key: (1) Gas-in-place (2) trillion cubic feet (3) Forum has 100% interest in GSEC 101 This information is provided by RNS The company news service from the London Stock Exchange