Forum Energy puts Philippine delays down to regulators

Blame game: Forum Energy lobs back suggestion it is behind SC72 delays

AP/Scanpix

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Bill Lehane

 17 January 2013 10:24 GMT

London-listed Forum Energy has said permit approval delays are behind its request for an exploration contract extension in the South China Sea off the Philippines after local media remarks suggested it was to blame for the delay.

The explorer is required to complete a geotechnical survey and drill two appraisal wells by August before moving to the next phase of Service Contract 72 (SC72), but has yet to do so.

Forum Energy has insisted that “the requisite approvals...to conduct the proposed work programme have to-date not been received”, adding that the extension request was another approval it was now left waiting on.

The UK-registered explorer is two-thirds owned by Philex Petroleum, a subisidiary of Phillippine resource player Philex Mining Corporation.

Earlier on Thursday, Philex Mining Corporation chairman Manuel Pangilinan reportedly told Malaya Business Insight that…

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