Philex confirms Sampaguita resource boost

Fruitful flower: Philex says new seismic data confirms its Sampaguita gas find is blooming prospect

Philex Petroleum’s London-listed unit has revealed an anticipated hike in contingent and prospective resources at its Recto Bank gas block in a disputed area of the South China Sea.

Forum Energy had been rumoured to have received a hefty boost in resources at the controversial Sampaguita gas field, which lies in southern waters China has claimed ownership of.

The company has now announced the results of interpretation by Weatherford Petroleum Consultants on data collected during a 565-square kilometre 3D seismic survey and a 2202-kilometre 2D seismic sweep, both conducted last year.

Chief executive Robin Nicholson said the increased resources supported the explorer's bid win the support of its shareholders for a $75 million plan to drill within the year at the field.

The new data shows…

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