The GSEC101 licence in which the company has a 70% interest, is the company’s principal asset, and is situated offshore west of Palawan Island in the South China Sea. In 2006, results from a 248sqkm 3D seismic survey over the licence area confirmed a minimum of 3.4 TCF proven gas in place with significant upside potential.
Walter Brown, CEO of Forum Energy, said: “We are very pleased to have finally secured the service contract over the GSEC 101 area in what is a company-changing development for Forum Energy. We intend to push forward with the appraisal of this gas field to commerciality and ultimately to the delivery of material value to our shareholders.
“Given the potential size of the resource and proximity to the Asian markets, we believe this project is an ideal candidate for an LNG facility.”
The company said that Noble & Company, the company’s nominated adviser and broker, has changed its name to Execution Noble & Company with immediate effect.
