Forum Energy: 4.6T cubic feet of gas and 115M barrels of oil confirmed at Recto Bank

There are 4.6 trillion cubic feet (TCF) of gas and 115 million barrels of oil and liquids at the Sampaguita Gas Field in Recto Bank, operator Forum Energy Plc said Wednesday.   The UK-based oil and gas exploration company said it received the results of seismic data acquired in 2011 over the gas field from independent consultant Weatherford Petroleum Consultants.   The 2D and 3D seismic data will identify potential drilling locations around the area, said Forum Energy in a statement submitted to the Philippine Stock Exchange.   “The Weatherford Report shows an improvement in the resources previously known and supports the case to proceed with the drilling programme,” said Forum Energy chair Robin Nicholson.   The amount of gas found is 24 percent higher than the findings confirmed in 2006 by independent consultant Count Geophysics Ltd.   Weatherford reported 2.6 TCF of contingent gas reserves from a low estimate of 1.5 TCF and a high estimate of 4.6 TCF. “From the given values, there are 1.8 TCF net attributable gas reserves.”   Meanwhile, a total of 65 million barrels of contingent oil and liquid resources was found from a low estimate of 37 million barrels and a high estimate of 155 million barrels, with 46 million barrels of net attributable resources.   Weatherford found 8.8 TCF of prospective gas resources with net attributable gas resources of 6.2 TCF.   The report also said there are 2.2 million barrels of prospective oil and liquids resources, with net attributable resources of 1.5 million barrels.   Contingent resources are quantities of petroleum estimated to be recoverable from known accumulations, but are not yet mature enough for commercial development.   Prospective resources are quantities of petroleum estimated to be recoverable from undiscovered accumulations for future development projects.   “We will continue discussions with our major shareholders, our joint venture partner and our advisors to determine how the SC72 drilling programme, which we anticipate will cost a total of US$75 million, will be funded,” said Nicholson.   The Weatherford report identified a new prospect said to contain gas and oil reserves in an area called the North Bank.   A separate seismic survey was done in 2006, which indicated a mean volume of 3.4 TCF of gas at the Sampaguita Gas Field, Forum Energy said.   Philex Petroleum Corp., a unit of Philex Mining Corp., holds 64.45 percent interest in Forum Energy. —With Jon Lindley Agustin/VS, GMA News