25th Sep 2008 12:10
25 September 2008
Forum Energy Plc
("Forum")
Galoc Field Development and Reserves Increase
Forum today notes the following operational update made by the Galoc Production Company, the operator of the Galoc Field offshore Palawan.
"The Operator, Galoc Production Company advises that the support vessel CSO Venturer has been mobilized and is expected to arrive at the Galoc Field offshore Palawan, on Friday 26th September.
CSO Venturer will undertake re-installation of the Subsea equipment on which remedial corrosion work has been completed. CSO Venturer has the capability to carry out this activity in substantially less favourable weather conditions than the Bluestone Topaz which has undertaken the remedial work to date. This is particularly significant given the current poor weather conditions with wind speed exceeding 40 knots and forecast for Typhoon Haguipt currently tracking in the area.
Re-installation of the subsea component will be undertaken once the CSO Venturer arrives and there are suitable weather conditions. The remaining activities before first oil are expected to take approximately 6-8 days, given suitable weather conditions."
Reserves Update
Forum also announces the results of the Gaffney Cline and Associates (GCA) independent review of the Galoc Field reserves commissioned by Nido Petroleum Limited, which holds a 22.28% interest in the field.
The review, which took into account the development drilling and well testing data, resulted in a substantial increase in reserves across proven, probable and possible categories. Importantly, proven reserves have increased by 64%, which provides confidence in a stronger, longer-term production profile for the field.
Forum has a 2.27% participating interest in the Galoc Field.
|
Reserves Category |
GCA - November 2006 |
GCA - September 2008 |
% Change |
||||
|
STOIIP MMstb |
Recovery Factor (%) |
Reserves MMstb |
STOIIP MMstb |
Recovery Factor (%) |
Reserves MMstb |
Reserves Change (%) |
|
|
1P |
78.4 |
12% |
9.7 |
97.7 |
16.3% |
15.9 |
64% |
|
2P |
122.2 |
19% |
23.5 |
124.7 |
19.7% |
24.6 |
5% |
|
3P |
198.1 |
21% |
41.9 |
222.7 |
25.5% |
56.8 |
36% |
For further information please contact:
Forum Energy Plc:
Andrew Mullins Tel: +44 (0)1932 445344
Executive Director
Noble & Company Ltd (Nominated Adviser & Broker):
Nick Naylor Tel: +44 (0)207 763 2200
Director
|
Pelham Public Relations: |
||
|
James Henderson |
Tel: +44 (0)20 7743 6674 |
|
|
Evgeniy Chuikov |
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