Lfeaccetfusd Regulatory News (FEP)

30 Nov 2005 07:02

Forum Energy Plc30 November 2005 30 November 2005 Forum Energy plc ("Forum Energy" or 'the Company') Declaration of Commerciality Forum Energy, the UK energy group with gas, oil and coal assets in thePhilippines, together with the Department of Energy in the Philippines, today declared commercial the Libertad gas field on the island of Cebu. The Company is currently in discussions to utilise the gas for local electricitygeneration, in line with a Philippine government directive to increase the useof natural gas, and expects to generate up to 2 MW of electricity from the gasproduced. Generation is expected to commence next year following a $2.5 milliondevelopment programme of the field and generation units. The Libertad gas field lies within Service Contract 40 (SC40) where Forum holdsa 66.7% interest and is situated close to existing infrastructure networks,including the local electricity grid network Forum Chief Executive David Robinson said: "Our success with Libertadunderscores the potential of the broad base of energy assets we hold in the Philippines, where the government has implemented policies aimed at encouraging energy self-sufficiency." This represents the first Declaration of Commerciality within the Philippinessince Shell's Malampaya offshore gas field development, which came onstream in 2001. As described in the Company's admission document, such a declaration triggers arequirement to relinquish all but 12.5 per cent. of the current SC40 area. Thiscan be achieved without relinquishing any of the prospect areas. The Company iscurrently in discussions to formally identify and map out the 12.5 per cent. which it wishes to retain. For further information please contact: David Robinson, Chief Executive, Forum Energy plc: +44 (0)1932 445 344 Adam Westcott, Noble & Company Ltd: +44 (0) 131 225 9677 Ian Foster, First City Financial Public Relations: +44 (0)20 7436 7486 www.forumenergyplc.com This information is provided by RNS The company news service from the London Stock Exchange