Forum Energy Plc on Monday said it moved by two years to 2015 its drilling plans in West Philippine Sea's Recto Bank.
The Department of Energy has approved the Forum Energy request to extend the work program for the $75-million oil and gas exploration project covered by Service Contract 72 (SC-72), parent Philex Petroleum Corp. noted in a disclosure to the Philippine Stock Exchange.
"The deadline of completion of the second sub-phase, comprising the drilling of two appraisal wells, has now been extended by two years to August 14, 2015," according to Philex Petroleum.
Forum Energy is supposed to drill two wells in the natural gas field starting in August 2013, but delays in drilling activities because of the territorial dispute between China and the Philippines prompted the Manuel V. Pangilinan-led company to ask the government for an extension of its work program.
Forum Energy, which holds a 70 percent interest in SC-72, is majority owned (64.45 percent) by Philex Petroleum. Monte Oro Resources Energy holds a 30 percent interest in SC-72. — VS, GMA News
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