9th Jul 2014 10:12
LONDON (Alliance News) - Forum Energy PLC Wednesday said the Philippine Department of Energy has granted the company's request for a further extension to its second sub-phase of Service Contract 72.
The UK oil and gas exploration and production company focused on the Philippines said the deadline for completion of the second sub-phase, which comprises the drilling of two appraisal wells, has now been extended by one year to August 15, 2016. It had previously been extended to August 14, 2015.
Forum Energy said further details regarding its plans for the contract area will be announced in due course.
The company had said in March that the start of its SC72 drilling programme was pending due to the on-going territorial dispute between the Philippine and Chinese governments over the contract area, which lies in the South China Sea.
"Whilst it is disappointing that we have been unable, as a result of matters beyond our control, to carry out drilling under the second sub-phase of the Service Contract 72 contract, we remain committed to pursuing the project and continue to have the support of the Philippine government as demonstrated by the extension awarded in respect of the second sub-phase," Chairman Robin Nicholson said in a statement during March.
Forum Energy shares were untraded Wednesday; they were last quoted at 54.06 pence.
By Tom McIvor; [email protected]; @TomMcIvor1
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