FORUM ENERGY PLC 
By October 24 2012
Trading Update
Forum Energy, the UK incorporated oil and gas exploration and
production company with a focus on the Philippines, notes the
announcement being made by Philex Petroleum Corporation
("Philex") to the Philippines Stock Exchange today
in relation to its financial performance for the nine months
ended 30 September 2012.
Because Philex controls approximately 60.5% 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 9 months to 30 September 2012 were US$2.9 Million (2011: US$8.9 Million) down 67% year on year, 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 in the first half of the year.
This upgrade has now concluded and production levels are currently steady at approximately 5,300 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
Because Philex controls approximately 60.5% 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 9 months to 30 September 2012 were US$2.9 Million (2011: US$8.9 Million) down 67% year on year, 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 in the first half of the year.
This upgrade has now concluded and production levels are currently steady at approximately 5,300 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
|
distributed by
|
