OilVoice - Forum Energy Reports Interim Results and Appointment of Directors

Forum Energy Reports Interim Results and Appointment of Directors

Wednesday, July 28, 2010

Forum Energy, the UK incorporated oil and gas exploration and production company with a focus on the Philippines, announces its unaudited interim results for the six months ended 30 June 2010.

Forum recorded a loss of US$285,000 for the six months ended 30 June 2010, a 77% decrease on the comparative period in 2009 of US$1,243,000.

This substantial reduction in the loss for the period was due to the following achievements:

• Full six months revenue from the Galoc field, increasing total revenues to US$2,528,000 (US$203,000 - 30 June 2009); and
• Increased share of revenue from the Galoc field, as the operator has now fully recovered development costs, which resulted in a gross profit of US$880,000, compared to gross loss in the six months ended 30 June 2009 of US$173,000.

Operational Highlights
• Company changing development via award of Service Contract 72 (SC72) over the GSEC101 licence area, as announced on 15 February 2010;
• The Company is actively considering a number of ways of progressing the contract work programme in respect of SC72;
• Galoc production of 1.6 million barrels of oil for first 6 months of 2010 (2.5 million barrels of oil gross for 12 months in 2009); and
• Further exploration using gravity survey, over the SC40 licence area.

Financial Highlights
• Revenues of US$2,528,000 (US$203,000 - 30 June 2009);
• Gross Profit of US$880,000 (Gross loss of US$173,000 - 30 June 2009);
• Loss before tax of US$285,000 (US$1,243,000 - 30 June 2009);
• Working capital of US$3.5 million as of 30 June 2010 (US$2.9m - 30 June 2009); and
• Continued reduction in administrative expenses.

Appointment of Directors
Forum Energy announces the appointment of Messrs Carlo Pablo and Paul Wallace to the Board of Directors on 27 July 2010.

Mr. Carlo Aniceto Samson Pablo (age 47) is currently Chief Operating Officer of Philex Petroleum Corporation, Philippines, which is the wholly-owned oil and gas subsidiary of Philex Mining Corporation. Previously Mr. Pablo was a Commercial Adviser at Shell, where he worked for 24 years in various upstream and downstream projects in the Philippines, Indonesia and Malaysia. Mr. Pablo was a Director of PT Kridapetra Graha between October 2001 and September 2005. He is presently a Non-Executive Director of FEC Resources Inc. and Petroenergy Resources Corporation.

Mr Paul Frederick Wallace (age 60) is a Chartered Accountant and member of the Canadian Institute of Chartered Accountants. He was appointed as the Chief Financial Officer of Hong Kong based First Pacific Company Limited from 1995 to 1997 and between 2003 and 2004. He was appointed Group Finance Director to the Sanctuary Group plc between 2005 and 2008. Mr. Wallace was appointed as Chief Executive Officer of Blue Ocean Wireless Limited in May 2009, and as a Non-Executive Director of JPMorgan Global Emerging Markets Income Trust Plc in June 2010.

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