Forum Energy provides audited results for the year ended 31 December 2011
- The successful implementation of the first sub-phase work programme over our key asset, SC 72, located offshore West Palawan marked a significant step forward for Forum.
- First sub-phase 2D and 3D seismic surveys work programme completed during 2011, results expected by mid 2012
- Continued discussions with potential farm-in partners on the development of SC72
- Planning of second sub-phase of the SC72 licence underway with drilling to commence before June 2013
- Libertad Gas Field power generation commenced in February 2012 and planning for drilling of onshore wells in 2013 at the Service Contract 40 licence area
- Net Galoc production of 56,000 barrels 2011 with net production of 36,000 barrels expected in 2012
FINANCIAL AND CORPORATE HIGHLIGHTS
- Revenues of US$12.7 million in 2011 (2010: US$6.1 million)
- Gross Profit of US$5.8 million in 2011 (2010: US$2.1 million)
- Fixed overhead costs reduced further to US$2.0 million in 2011 (2010: US$2.4 million)
- Net Profit of US$3.4 million (2010: loss US$0.6 million)
- Drawdown of U$6 million facility during 2011 of US$10 million 3 year facility agreement with Philex
- Total equity of US$47 million as of 31 December 2011 (2010: US$44 million)
Robin Nicholson, Executive Chairman, commented:
"The successful implementation of the first sub-phase work programme over our key asset, SC 72, located offshore West Palawan marked a significant step forward for Forum. With the results of last year's seismic shoot carried out in 2011 expected in mid 2012, our plans are now under way for further appraisal and development through the drilling of the first wells in the area since the 1980's - as we move through and beyond the second sub phase of the SC72 contract and the development of this key asset.
I am confident that Forum is well positioned to take full advantage of SC72 with the financial backing from Philex Petroleum Corporation and its major shareholders, Philex Mining Corporation and the First Pacific Group in Hong Kong.
We are extremely excited to be moving forward with the appraisal and development of the SC72 licence and to reporting the results of our seismic over SC72 and our precise plans for the drilling of the second sub-phase wells, which we expect will be executed before June 2013. In addition, support from the Philippine government is encouraging and as we proceed we are well positioned to pursue our goal of establishing the commerciality of the hydrocarbons within SC72."
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