LATEST RNS ANNOUNCEMENT
Back to list
Q1 Trading Update
Forum Energy Plc ("Forum Energy"), the UK incorporated oil and gas exploration and production company with a focus on the Philippines, notes the announcement made by Philex Petroleum Corporation ("Philex") to the Philippines Stock Exchange in relation to its financial performance for the three months ended 31 March 2012.
Because Philex controls approximately 64.5% of Forum Energy (including through FEC Resources Inc), this trading update includes a reference to Forum Energy's revenues. Accordingly, Forum Energy confirms its unaudited revenues for the three months to 31 March 2012 were US$0.2m.
This was 86% lower than the same period last year (Q1 2011), mainly because of the temporary suspension of production at the Galoc oil field (SC-14C) which was required whilst the Floating Production, Storage and Offloading vessel was upgraded.
This upgrade has now concluded and production re-commenced on 2 April 2012 with production rates returning to levels of around 6,300 barrels of oil per day.
For further information please contact:
Forum Energy Plc
Andrew Mullins, Tel: +44 (0) 1932 445 344 Executive Director Company Secretary
Execution Noble & Company Ltd (Nominated Adviser & Broker)
Harry Stockdale Tel: +44 (0) 207 456 9191