Forum Energy seeks extension on Recto Bank program

ABS-CBN News

Posted at Jan 18 2013 10:46 AM | Updated as of Jan 18 2013 06:46 PM

MANILA, Philippines - Philex Mining-controlled oil and gas exploration company Forum Energy Plc. is seeking an extension of its work program on Recto Bank. 

In a statement, Forum Energy said it requested an extension to the second sub-phase of the Service Contract 72 contract from the Department of Energy.

"Drilling work had been scheduled to be concluded at SC 72 within the second Sub-Phase of the Service Contract on or before 14 August 2013, however the requisite approvals from the DOE to conduct the proposed work programme (comprising of a geotechnical survey and the drilling of two appraisal wells) have to-date not been received," the company said.

Forum Energy said it is still waiting for the DOE's approval of its extension request.

Last October, Forum Energy was scheduled to conduct geotechnical investigation of the SC 72 site. However, it failed to get government approval due to the dispute over the South China Sea islands with China. 

SC 72, known as Recto Bank or Reed Bank, covers an 8,800-square-kilometer area in offshore west Palawan.

Earlier, Forum Energy consultant Weatherford Petroleum said SC 72 may contain prospective resources of as much as 16.6 trillion cubic feet of gas and 416 million barrels of oil.