Interesting read here from the Forum Energy web site.Last...

Interesting read here from the Forum Energy web site.
Last Paragraphs very interesting.

SC72 REED BANK (FORMERLY GSEC101)

The Reed Bank concession or GSEC 101 is located in the South China Sea west of Palawan Island. The licence is located to the southwest of the Shell-operated Malampaya Gas Field.

GSEC 101was awarded to Sterling Energy Plc (AIM: SEY) in June 2002 and covered an initial two-year term. Exploration in the area began in 1970 and in 1976 gas was discovered following the drilling of a well. In total, four wells have been drilled to date, all located at the south west end of the structure. Two of the wells tested gas at rates of 3.6 mmcf/d and 3.2 mmcf/d. More recently, in 2003 Sterling reprocessed 250 km of 2D seismic and completed a feasibility study on the gas-to-liquid options for the gas field. The seismic work and the gas-to-liquid study fulfilled the initial work commitments on the concession and Sterling was granted a 12 month extension in June 2004.

In 2005 Forum acquired new 3D seismic data over the licence area fulfilling its work commitments required under the 12 month extension.

In 2006, results from the 3D seismic programme and its interpretation performed by independent consultants, Count Geophysics Limited, indicated expected reserves of 3.4 TCF gas in place (GIP) from sands tested in the 3 wells drilled to-date and the extension of the structure to a possible closure of 290 sq. km giving an upside reserves in these sands alone of 10 TCF. Additional untested sands, which are known to contain gas, could double this figure. The block also contains 8 additional leads which require further work that has the potential to add a further 20 TCF in aggregate.

On 15 February 2010, the licence was converted to a Service Contract and the Company will shortly be announcing plans going-forward with the block.

IMO DYOR