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Statement re SC72

2 Mar 2015 15:18

RNS Number : 2828G
Forum Energy Plc
02 March 2015
 



 

FORUM ENERGY PLC("Forum Energy" or the "Company")SC72 UPDATE

Forum Energy, the UK incorporated oil and gas exploration and production company with a focus on the Philippines, today confirms that the Philippine Department of Energy ("DOE") has granted a force majeure on Service Contract 72 ("SC72") because this contract area falls within the territorial disputed area of the West Philippine Sea which is the subject of an United Nations arbitration process between the Republic of Philippines and the People's Republic of China.

Under the terms of the force majeure, all exploration work at SC72 is immediately suspended (effective from 15 December 2014) until the DOE notifies the Company that it may commence drilling. As a result, the second sub-phase of SC72 has been put on hold until further notice.

The terms of the second sub-phase and all subsequent sub-phases will be extended by the term of the force majeure.

Further updates on SC72 will be made as and when appropriate.

For further information please contact:

Forum Energy Plc

Andrew Mullins Tel: +44 (0) 208 616 7297

Executive Director

Execution Noble & Company, trading as Espirito Santo Investment Bank

(Nominated adviser)

Harry Stockdale Tel: +44 (0) 207 456 9191

Or visit the Company's website:www.forumenergy.com

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
STRSSIFIEFISEFD
Date   Source Headline
17th Nov 200510:30 amRNSExtended Exclusivity Period
17th Oct 20055:08 pmRNSNotifiable Interest
11th Oct 20054:25 pmRNSNotifiable Interest
4th Oct 20053:31 pmRNSNew Accounting Ref Date
19th Aug 200510:30 amRNSSeismic Survey Completed
8th Aug 20052:30 pmRNSHolding(s) in Company
2nd Aug 20058:00 amRNSFirst day of dealing

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