Forum Energy Plc, which is exploring for oil and gas within the highly contested Recto Bank off the West Philippine Sea, has secured a two-year extension for its work program under Service Contract 72.
Forum Energy Plc is hoping to finally start by March next year its planned $75-million oil and gas drilling program at the controversial yet highly prospective Recto Bank.
Forum Energy PLC is shopping around for potential partners in the exploration and development of the Recto Bank, which is estimated to hold about 16 trillion cubic feet of natural gas.
Forum Energy Plc, which is exploring for oil and gas within the controversial but highly prospective Recto Bank, confirmed Tuesday that there was an “improvement in the resources” estimate believed to be contained in the area, otherwise known as Service Contract 72.
Forum Energy Plc may spend anywhere between $70 million and $100 million to finally drill a deepwater exploration well within the contested Recto Bank by next year, as it targets to tap gas-rich blocks within the area.
Publicly listed Atok-Big Wedge Co. Inc. has acquired a 26-percent stake in Forum Energy Plc, a company that is currently exploring the highly prospective sites in Recto Bank in offshore Palawan for oil and gas. In a disclosure to the Philippine Stock Exchange, Atok-Big Wedge said the stake was acquired through the acquisition of Hong [...]
UK–based Forum Energy Plc is seeking potential partnerships to accelerate the exploration and development of the Sampaguita gas discovery within the Reed Bank basin. Robert Nicholson, executive chair of Forum Energy, said he expected the completion of the company’s first sub-phase work program for Service Contract 72 to give them “significant additional information.” This data, [...]
