Further to the filing by Basic Energy Corporation ("Basic") on 6 June 2008 of a disclosure with the Philippine Stock Exchange relating to the declaration of Forum’s alleged default in relation to the Sale and Purchase Agreement, dated 3 April 2006 (the "Sale and Purchase Agreement"), between Forum and Basic and its subsequent deemed termination, the Board of Forum has taken the following actions:-
- filed a complaint with the Philippine Stock Exchange and Philippine Securities and Exchange Commission about the inaccurate disclosure made by Basic on 6 June 2008; and
- served notice of the commencement of arbitration proceedings (as prescribed in the Sale and Purchase Agreement) to Basic Energy Corporation.
Consideration is also being given by the Board of Forum to a damages suit in view of Basic’s unilateral and unjustified action.
Further updates will be made as appropriate.
For further information please contact:
Russell Harvey, CEO, Forum Energy Plc
+44 (0)1932 445 344
Nick Naylor or Olu Lawson, Noble & Company Ltd
(Nominated Adviser & Broker)
+44 (0)20 7763 2200