Forum, the Philippines focused oil, gas and coal E&P Company quoted on AIM, today announces its preliminary results for the period ended 31 December 2005.

Highlights of the period include:

• Incorporation of Forum and admission to AIM on 2 August 2005;
• Raising a total of £14.4 million (pre-expenses) through a pre-IPO placing and subsequent IPO placing on Admission to AIM;
• Completion of a 2D seismic survey in Tañon Straits, SC40, and a 3D seismic survey over the Sampaguita Gas Field, GSEC101;
• Libertad Gas Field declared commercial in November 2005;
• Completion of the acquisition of Basic Petroleum and Minerals Inc in April 2006;
• Substantial progress made towards first coal revenues from the Central Cebu contract area in the second half of 2006; and
• New executive management team in place

Commenting, Alan Henderson, Non-Executive Chairman, said:

“I am pleased to report that the Company has made significant progress towards its goal of becoming a successful oil, gas and coal producer with a strategic focus on the resource-rich Philippines.

We are continuing to use the funds raised in 2005 to carry out our extensive work programmes and to evaluate and pursue additional acquisition opportunities.

Forum is the only AIM-quoted exploration and production company that is focused exclusively on the Philippines, and we are encouraged by the potential for profitable growth that the country offers. Over the course of the year, we completed key offshore seismic surveys and won approval for our first commercial development at the Libertad gas field. Work is also progressing satisfactorily on our coal operating contracts on the island of Cebu. Most exciting of all, we have now completed the acquisition of the Philippine oil and gas assets of Basic Consolidated Inc, providing Forum with immediate production and significant upside potential in both production and reserves.

I would also like to welcome Russell Harvey and Cameron Pearce to the Company as CEO and Finance Director respectively. Russell and Cameron bring a wealth of experience in the industry and AIM-quoted companies and we look forward to their contributions as we seek to bring our revenue generating opportunities to fruition.”

For further information please contact:
Alan Henderson, Forum Energy plc: +44 (0) 1932 445 344
Adam Westcott, Noble & Company Ltd: +44 (0) 207 763 2200
Ian Foster, First City Financial Public Relations: +44 (0) 20 7436 7486 or +44 (0) 7739 185 050

Please download this document for the full final results, including Chairman's Statement and Financial Statements.