Forum Energy, the UK incorporated oil and gas exploration and production company with a focus on the Philippines, today announces its unaudited interims for the six months ended 30 June 2011
Forum Energy recorded a profit after tax of US$3,322,000 for the interim period ended 30 June 2011 (Loss - US$285,000 for interim period ended 30 June 2010). The turnaround to profit from loss compared to 2010 period was due to an increased share of revenue from the Galoc field as the operator fully recovered development costs during 2010; which has resulted in gross profit of US$4,557,000 (US$880,000 for interim period ended 30 June 2010).
- First Sub-phase work programme commitments over SC72 satisfied by the acquisition of 564,887 Km2 of 3D seismic data collected over the Sampaguita Gas Field and 2,202line-Km of 2D seismic data over the remainder of the block. This seismic data is currently being processed and its interpretation is expected to be available by the fourth quarter of 2011;
- Galoc production of 1.39 million barrels gross for first 6 months of 2011 (2.69 million barrels gross for 12 months in 2010), the Company has a 2.27% interest in the field;
- Development of Libertad Gas Field (SC40) by DESCO with expected commercial production in Q4 2011; and
- Interpretation of 3,000 line-km 2D seismic data started in May 2011 to generate prospects for possible drilling on the Toledo and Maya areas (SC40) in 2012.
- Revenues of US$7,556,000 (US$2,528,000 – 30 June 2010);
- Gross profit of US$4,557,000 (US$880,000 - 30 June 2010);
- Profit before tax of US$3,322,000 (Loss before tax of US$285,000 – 30 June 2010);
- Working capital of US$3.4 million as of 30 June 2011 (US$3.5m – 30 June 2010);
- US$6 million of the agreed US$10 million three year loan facility borrowed during period, at an interest rate of US LIBOR plus 4.5%, to fund first sub-phase work programme over SC72; and
- Continued reduction in administrative expenses.
For further information please contact:
Forum Energy Plc
Andrew Mullins, Executive Director Tel: +44 (0) 1932 445 344
Execution Noble & Company Limited
Harry Stockdale / John Llewellyn-Lloyd Tel: +44 (0) 20 7456 9191