Forum recorded a loss of US$1,243,000 for the interim period ended 30 June 2009 (US$1,657,000 for interim period ended 30 June 2008). This was primarily attributed to administrative expenses and share-based payments.   

Revenues for the period were US$203,000 (2008: US$389,000) attributable to oil production from the offshore North West Palawan interests.   

Operational Highlights

• Completed further evaluation of the COC131 asset and initiated programme to convert licence into full production contract to enhance value.
• Signed Gas Sale and Purchase Agreement with DESCO on the development of the Libertad Gas Field and commenced negotiations with the DOE on power plant installation.
• First revenues from Galoc expected Q3 2009.
• Continued to refine the overall business and strategically position the Company for the GSEC101 Service Contract expected in H2 2009; and Evaluated other strategic investments in the Oil & Gas sector for possible future participation.

Financial Highlight

• Revenues of US$203,000 for the interim period ended 30 June 2009 (US$389,000 – 30 June 2008).
• Loss of US$1,243,000 for the interim period ended 30 June 2009 (US$1,657,000 – 30 June 2008).
• Shareholders’ equity of US$44.3 million as of 30 June 2009 (US$47.3m – 30 June 2008).
• Working capital of US$2.9 million as of 30 June 2009 (US$6.2m – 30 June 2008).
• Substantial 40% reduction in administrative expenses to US$1.1 million as of 30 June 2009 (US$1.8m – 30 June 2008).

For further information please contact:    

Forum Energy plc                                    Tel: +44 (0)1932 445 344
Dr Walter W. Brown                              
Andrew Mullins   

Noble & Company Ltd, Nominated Adviser & Broker
Brian Stockbridge                                  Tel: +44 (0)20 7763 2200  
Jarod Casey     

Or visit the Company's website: www.forumenergyplc.com

INDEPENDENT REVIEW REPORT TO Forum Energy Plc

Introduction

We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2009 which comprises the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Changes in Equity, the Consolidated Statement of Financial Position, the Consolidated Cash Flow Statement and the related explanatory notes.

We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

Directors’ responsibilities

The interim report, including the financial information contained therein, is the responsibility of and has been approved by the directors.  The directors are responsible for preparing the interim report in accordance with the rules of the London Stock Exchange for companies trading securities on the Alternative Investment Market which require that the half-yearly report be presented and prepared in a form consistent with that which will be adopted in the company's annual accounts having regard to the accounting standards applicable to such annual accounts.

Our responsibility

Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

Our report has been prepared in accordance with the terms of our engagement to assist the company in meeting the requirements of the rules of the London Stock Exchange for companies trading securities on the Alternative Investment Market and for no other purpose.  No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent.  Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, ‘‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’’, issued by the Auditing Practices Board for use in the United Kingdom.  A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.  A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.  Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2009 is not prepared, in all material respects, in accordance with the rules of the London Stock Exchange for companies trading securities on the Alternative Investment Market.     

BDO Stoy Hayward LLP
Chartered Accountants and Registered Auditors London
Date: 21 July 2009


Download - Interim results to 30 June 2009