sweetprophet
05 Jun 2015
Re: appologies wrong discussion
sweetprophet
12 Mar 2015
Re: thieves posted on wrong site
sweetprophet
12 Mar 2015
thieves It's pretty obvious the current rogue was put inplace to oversee the demise of this company given his track record
hainholz
31 Jan 2015
Forum Energy to drill for oil in Recto Bank Forum Energy to drill for oil in Recto BankIris C. Gonzales (The Philippine Star) | Updated January 30, 2015 - 12
0am 1 3 googleplus1 0MANILA, Philippines - London-listed Forum Energy Plc., a unit of Philex Petroleum Corp., has received the green light from the Department of Energy (DOE) to conduct a drilling survey in a petroleum exploration area located in the disputed West Philippine Sea.The UK oil and gas company holds the exploration license for Service Contract 72, which covers Recto Bank.“The survey was approved by the DOE as part of the work program for 2015 but still waiting for their advise on schedule,” said Philex Petroleum chairman Manuel V. Pangilinan.The target is to conduct the survey this year, he said.The survey will help determine which areas have strong potential for oil and gas.Drilling in the area has been stalled due to geopolitical tensions between the Philippines and China.Phoenix Petroleum holds a 60.45 percent in Forum, which holds a 70 percent operating interest in SC 72 located in the West Philippine Sea.In August 2012, the DOE issued a moratorium on all exploration and drilling works in the area due to an ongoing territorial dispute with China, prompting the company to seek an extension of the work program.The DOE earlier extended Forum’s exploration license by another year, or from August 2015 to August 2016, due to delays in the work program.The company earlier sought a first extension of its work program in January 2013.Forum also went into talks with CNOOC (China National Offshore Oil Co.), China’s state-owned oil producer, for a possible commercial arrangement covering Recto Bank but discussions have stalled. “The last time we talked to them was in 2013,” Pangilinan said.To date, the talks have not been revived or formally closed.
hainholz
29 Jan 2015
Re: Recto Bank the work begins DOE allows Forum Energy to survey Reed Bank area Business Companiesby Lenie Lectura - January 29, 20150 2THE Department of Energy (DOE) has approved the conduct of a geotechnical survey by UK oil and gas firm Forum Energy Plc. on the disputed Reed Bank area of the West Philippine Sea.Manuel V. Pangilinan, chairman of Philex Petroleum Corp., said that even though there is a go-signal from the DOE, the company is still cautious on any future activities to be undertaken by Forum Energy, which is 60.45 percent owned by Philex.“I believe so the DOE has approved [the survey], it still depends on whether China will allow it,” Pangilinan said. There won’t be any drilling activities during the conduct of the survey. China claims nearly all of the South China Sea (West Philippine Sea), while the Philippines and Vietnam, along with Malaysia, Taiwan and Brunei Darussalam, claim parts of it. The dispute has delayed the company’s plans to drill two appraisal wells.Forum Energy has a 70-percent stake in Service Contract (SC) 72, an oil and gas-exploration permit covering the Sampaguita natural-gas prospect in the Reed Bank to the west of Palawan.When sought for comment, Philex Petroleum President Carlo Pablo confirmed the DOE’s approval.“The survey was approved by the DOE as part of work program for 2015 but still waiting for advice on schedule,” he said, who added that SC 72 remains a key asset of Forum Energy despite the setback.The survey, which was supposed to be conducted in the second quarter of this year, will aid Forum Energy to determine which areas have strong potential for oil and gas. Drilling for appraisal is targeted to happen next year.SC 72 covers an 8,800-square-kilometer area in offshore west Palawan. It is estimated to contain prospective resources of as much as 16.6 trillion cubic feet of gas and 416 million barrels of oil.Pangilinan had said that as soon as arrangements are finalized, Forum Energy will advise the government and, as a matter of courtesy, China National Offshore Oil Co. Ltd., an upstream oil and gas firm owned by the Chinese government.Forum Energy has recently obtained approval from the DOE to extend by one year the drilling of two appraisal wells to August 15, 2016.It has also conducted a 3D seismic data covering 565 kilometers and 2D seismic data covering 2,202 line km in 2011 to further define additional leads identified within the SC 72 area, but has not been able to proceed with any exploratory drilling.Appraisal wells are drilled to assess the size of gas or oil discoveries. An estimate of $60 million to $70 million may be needed to finance the drilling.
hainholz
29 Jan 2015
Recto Bank the work begins Philex unit gets nod to survey Recto BankAlena Mae S. Flores | Jan. 29, 2015 at 11:15pmForum Energy Plc has secured an approval from the Energy Department to proceed with a geotechnical survey of gas-rich Recto Bank west off Palawan, despite the territorial dispute with China over the West Philippine Sea.Philex Petroleum Corp. chairman Manuel Pangilinan said the department gave the go signal for the conduct of the survey over Service Contract No. 72, an area that encompasses the Reed Bank. The company, however, said it was still keenly watching developments between the Philippines and China.“I think so,” Pangilinan said, when asked about the update on the department’s approval of the survey in the first half that would determine the best areas for exploratory drilling.SC 72 covers an 8,800-square-kilometer area west off Palawan. It is estimated to contain prospective resources of as much as 16.6 trillion cubic feet of gas and 416 million barrels of oil. China exerts its claim over the West Philippine Sea including the gas and oil rich Recto Bank (Reed Bank). China’s claim has resulted in geopolitical tensions in the area.“Survey was approved by DoE as part of work program for 2015, but [we are] still waiting for their advice on schedule,” said Philex Petroleum president Carlos Pablo.Pablo said the company remained bullish over the prospects of SC 72 despite the delays in exploration. “SC 72 remains a key asset of Forum,” Pablo said earlier.Philex Petroleum holds a 60.45-percent total direct and indirect interest in Forum, a British company which has a 70-percent operating interest in SC 72.The geotechnical survey, originally proposed in the second quarter of 2015, will prepare Forum to determine areas which have strong potential for oil and gas.The Energy Department extended Forum’s exploration license by another year or until August 2016. “We are still interested [in SC 72],” Pangilinan said.Pangilinan said earlier drilling could only be conducted in the March to May period, because of weather considerations. “The earliest we can work an appraisal well is March to May of 2016,” he said.
hainholz
11 Jan 2015
CNOOK Hi Jitter a good new yearForum Energy (FEP.LSE)Nido Petroleum has launched a $108-million takeover offerstocktalkJan 8, 2015 3:16:26 AM PST | Forum Energy (FEP.LSE)CNOOC eyes joint exploration deal.A Filipino-British company has begun talks with China’s state-owned offshore oil producer for a deal to jointly explore for oil and gas in the Reed Bank, a vast offshore area disputed between China and the Philippines, a Filipino official said.Energy Secretary Jericho Petilla said the talks between London-based Forum Energy and China National Offshore Oil Corporation, or CNOOC, were at a preliminary stage. He added a commercial agreement could hopefully be reached despite the long-raging disputes over the Reed Bank.The talks were being held abroad, mostly recently in Hong Kong, he said.The alternative to not entering into a business partnership “is not to drill, probably forever.” Petilla said.President Benigno Aquino III said any such deal with China would have to conform to Philippine laws. The Reed Bank northwest of the Philippine province of Palawan lies clearly within his country’s exclusive economic zone, Aquino said.The territorial conflict has hampered oil exploration in the offshore area, Petilla said, but added the Philippines needed to find a way to tap its potentially huge oil and gas deposits to meet his country’s growing energy demand. Natural gas deposits at a nearby offshore field called Malampaya are expected to run out in 2024, he said, adding it takes about a decade to develop such a gas field.China and the Philippines, along with Brunei, Malaysia, Taiwan and Vietnam, have been contesting ownership of the clusters of mostly barren islands, islets, reefs and surrounding waters in the South China Sea for years.Forum Energy (FEP) hope to finalize arrangements with Cnooc soonForum Energy to drill Palawan gas find in 2016The group of business tycoon Manuel Pangilinan is set to start the drilling of its oil and gas find in offshore Palawan in 2016.Pangilinan chairs the Philex Petroleum Corp., which controls Forum Energy Plc. that will do the drilling in an area being claimed by China.Forum Energy said the drilling on its principal asset could be done after a seismic survey in April or May next year for the Service Contract (SC) 72 Reed Bank, which contains the Sampaguita gas discovery.“There could be a seismic survey done as early as April or May next year and I propose appraisal of drilling in 2016,” Pangilinan told reporters.He said Philex Petroleum has already initiated talks with China National Offshore Oil Corp. (Cnooc) for a potential partnership.“We’ve requested a meeting with them but they have not responded yet,” he added.“So, as soon as those arrangements are finalized we will, of course, advise our government,” he said.Because of the delay in its drilling program, Forum Energy sought and obtained a two-year extension from the Department of Energy for the implementation of the second exploration sub-phase of SC72 to August 2015.Philex Petroleum owns 60.49 percent of Forum Energy, a UK-based upstream oil and gas company.Forum Energy holds a 70-percent interest in SC72, and the remaining 30 percent is owned by Monte Oro Resources and Energy Inc., led by businessman Enrique Razon Jr. RITCHIE A. HORARIOASX-listed Nido Petroleum has launched a $108-million takeover offer for fellow-listed OttoEnergy’s 33% interest in the Galoc oil field, in thePhilippines.Nido said on Friday it would pay a $10.8-million deposit for Otto’s subsidiaryGaloc Production Company, which owns Otto’s share in the Galoc oil field, and would assume all production rights and liabilities, with effect from July 2014.The Otto board has backed Nido’s offer for its interest in the Galoc project, claiming it superior to a September $101.4-million offer received from Risco Energy Investments.Otto CEO Matthew Allen said on Friday that the Nido proposal was advantageous and beneficial t
