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The of BoardForum Energy announces that agreement was reached on 21 November 2013 with the Philex group of companies to increase and extend the repayment date of the current loan facility (the "Facility") which was provided to the Company's wholly-owned subsidiary, Forum Philippines Holdings Limited in 2010.
The US$15 million Facility, which was US$10 million when first announced on 24 November 2010, and has been fully drawn down, has now been increased to US$18 million. In addition, the repayment date for all amounts drawn under the Facility has been extended for three years to 24 November 2016. The terms of the Facility remain otherwise unchanged, with funds continuing to be borrowed at an interest rate of LIBOR + 4.5% and with Forum Energy remaining as the guarantor under the Facility.
This increase in the Facility and the extension of its repayment date will continue to assist in funding Forum Energy's working capital requirements in advance of obtaining clarity as regards the ability for the second sub-phase of the SC72 work programme to continue.
The initial lender of the Facility was Philex Mining Corporation ("Philex Mining"). As part of this transaction, Philex Mining has assigned its rights and obligations under the Facility to its subsidiary Philex Petroleum Corporation ("Philex Petroleum"). Shares of both Philex Petroleum and Philex Mining are listed on the Philippine Stock Exchange.
Philex Petroleum is one of the Company's two principal shareholders (holding 36.44% of the Company's issued share capital) and is therefore a related party of the Company. As a result, the increase in the Facility, the extension of its repayment date and the assignment to Philex Petroleum constitute a related party transaction under the AIM Rules for Companies. The independent directors of Forum Energy consider, having consulted with Execution Noble & Company Limited, the Company's nominated adviser, that the terms of the Facility are fair and reasonable insofar as Forum Energy's shareholders are concerned.
Andrew Mullins, Executive Director, commented: "We are pleased to have been able to arrange the increase in the Facility to US$18 million and the extension of its repayment date whilst the other attractive terms of the Facility remain the same. Discussions with our major shareholders, our joint venture partner and our advisors will continue to determine funding arrangements for the full SC72 drilling programme. Further updates will be announced by Forum Energy as and when appropriate."
For further information please contact:
Forum Energy plc
Andrew Mullins
Executive Director & Company Secretary
Tel: +44 (0) 1932 445 344
Execution Noble & Company Ltd (Nominated Adviser & Broker)
John Llewellyn-Lloyd
Harry Stockdale
Tel: +44 (0) 207 456 9191
Or visit Forum Energy's website:
www.forumenergy.com
Fep.l trading closes @ 11:30am et
$.88 is share price fep.to get value per fecof must multiply by 8.55 million shares we own divided by our outstanding of 439.1 million results in value of .0175 per share .still a big discount
over last few years fecof has traded at both a discount and premium to its holding in fep.do not know why!!!!!
FORUM ENERGY PLC
("Forum Energy" or the "Company")
Audited results for the year ended 31 December 2012
Forum Energy, the UK incorporated oil and gas exploration and production company with a focus on the Philippines, today announces its audited results for the year ended 31 December 2012.
Operational Highlights
· SC72 seismic interpretation and resources update completed in April 2012, which showed an improvement in the resources previously known and supported the case to proceed with the drilling programme
· Granted an extension to August 2015 to complete the second sub-phase obligations of drilling wells on SC72
· Libertad Gas Field power generation commenced in February 2012
· Upgrade of the Galoc floating production, storage and offloading vessel completed on schedule in March 2012
· Participation in the Galoc Phase II development approved
Financial Highlights
· Revenues of US$4.5 million in 2012 (2011: US$12.7 million)
· Gross Profit of US$0.9 million in 2012 (2011: US$5.8 million)
· Net Loss of US$1.0m before impairment charge in relation to SC40 (2011: profit US$3.4 million)
· Non-core investment in SC40 written down by US$25.4 million to US$3.3 million
· Net Loss of US$26.4 million after SC40 impairment charge
· Cash of US$5.8 million at year end (2011: US$2.8 million)
· Loans payable at year end $15 million (2011: $6 million), due to Philex Mining Corporation
Robin Nicholson, Executive Chairman, commented:
"Whilst our net loss this year was significant, this predominantly related to our recognition of the need to revalue our non-core assets at SC40, following receipt of a new independent report on resource estimates. We remain focused on our key asset, SC72, and on our goal of establishing the commerciality of the potential hydrocarbon resources within the SC72 Concession."
For further information please contact:
Forum Energy Plc
Andrew Mullins, Executive Director Tel: +44 (0) 1932 445 344
Execution Noble & Company Limited
Harry Stockdale Tel: +44 (0) 20 7456 9191
Or visit the Company's website:
www.forumenergyplc.com<http://www.forumenergyplc.com>
Rec'd two (2)year extension on drilling Aug 2015
China Might be Moving Closer to ASEAN on South China SeaVoA - News Tuesday 20th November, 2012
" China's new leaders may be moving closer to resolving disputes over the South China Sea through a regional alliance rather than through separate negotiations with each of its territorial rivals.
This week's summit of the Association of Southeast Asian Nations showed again the scale of sensitivities over the South China Sea with the Philippines objecting to a draft statement saying all sides agreed not to internationalize the maritime dispute.
China has consistently opposed ASEAN's involvement in rival claims over the South China Sea that involve Vietnam, Taiwan, the Philippines, Malaysia, and Brunei.
Following the summit in Cambodia, Chinese Foreign Ministry Spokesman Qin Gang said an ASEAN Declaration of Conduct over the dispute - or DOC - could help ease tensions.
"China will continue to come back [with] sincere dialogue with ASEAN countries and to fully implement in an effective way the DOC so that all parties can accumulate mutual trust and carry on cooperation and put this issue of South China Sea in good control so that we can work together to safeguard peace, stability, cooperation, and development," said Gang.
That Declaration of Conduct includes all parties exercising self-restraint by not inhabiting any of the currently uninhabited islands in dispute in the oil-rich sea.
Indonesian Foreign Minister Marty Natalegawa says talks are already underway to keep alive Chinese/ASEAN cooperation on the issue.
"The key challenge, of course, now is we must ensure that the situation, on the ground or at sea, does not become not conducive so we must contain a conducive atmosphere so negotiation and dialogue can begin to take place," said Natalegawa.
So why might China's new leaders be more willing to consider ASEAN's role in the dispute?
Professor Xiang Lanxin chairs international affairs studies at Shanghai's Fudan University. He says Beijing's outgoing leaders miscalculated how Southeast Asian neighbors would respond to broader Chinese territorial claims.
"They did make huge strategic mistakes. I am talking about diplomatic mistakes. One is the assertion of core interests that cover the South China Sea," said Lanxin.
He says that led to the mistaken impression in Washington and Hanoi and Manila that Beijing intended to claim all of the South China Sea for itself.
"This is an indication of Chinese great ambition of taking over the South China Sea. That's not the Chinese plan. It is a mistake," he said.
He expects China's new leaders will appeal less to nationalism over the South China Sea, moving away from a narrative that focused on the United States as a declining power trying to maintain its status by repositioning diplomatic, military, and commercial assets in Asia.
"Our leaders frequently use the same argument - basically it is a social Darwinist argument - to try to sell their version of nationalism. That has been a very, very risky business," he said.
Elizabeth Economy directs Asia studies at the U.S. Council on Foreign Relations. She says the new Chinese leader, Xi Jinping, has a choice between a more Deng-Xiaoping-style domestic focus or a more Hu-Jintao assertiveness in regional affairs and the establishment of China as a naval power.
"This more assertive foreign policy, of course, has helped to raise China's profile internationally but at the same time has brought it into conflict with its neighbors such as Japan, the Philippines, and Vietnam. So the next set of Chinese leaders faces great opportunity in the China that they have inherited but also a set of very distinct challenges," said Economy.
U.S. President Barack Obama raised the South China Sea issue during closed-door sessions of the ASEAN summit.
ASEAN Secretary General Surin Pitsuwan says Southeast Asian nations do not want the maritime dispute to interfere with what he calls "positive momentum" on other issues, and the Declaration of Conduct does not prevent member states from pursuing rival territorial claims through other channels if they like.
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Why post article from March 14,2009
so are u going to back yor claim????????????????????????
where r u getting this info on .10 purchase,picking out of your a**
someone on this board sold????????????????
48bil pesos s/b 1.1bil us
Department of Energy on Monday confirmed that the natural gas reserves in Recto Bank / Reed bank are bigger than those in Malampaya.
The energy department's revelation came on the heels of remarks by a member of the private consortium exploring oil in the area that it may have made a "world-class discovery."
Officials of Atok-Big Wedge Co. had told shareholders during its annual meeting that a report from experts commissioned to assess Service Contract (SC) 72 in Reed Bank has yielded a "world-class discovery."
According to Energy Undersecretary Jay Layug, it is very likely that the natural gas at Recto Bank exceeds the 2.7-trillion cubic feet in the Malampaya Natural Gas Field that has for years provided the country billions in revenue.
"We are hoping for equal, if not at least a bit higher natural gas from Sampaguita Field," Layug said Monday, referring to the area in Recto Bank where a consortium of three firms--- Forum Energy, Monte de Oro and Walter Brown---have been exploring.
The DoE said a new, substantial find in natural gas is important to the Philippines because the supply coming from Malampaya is estimated to run out by 2024.
Malampaya now supplies 40 percent of power to provide electricity to Luzon. Of the 2.7-trillion cubic feet of reserves in the field off Palawan, an estimated 1.2-trillion cubic feet of natgas has been used.
Recto Bank is, Philippines owned
Meanwhile, Layug stressed that Philippine ownership of Recto Bank is beyond dispute, considering it is only 70 nautical miles west of Palawan, nearly twice as close to the mainland than Scarborough (Panatag) Shoal off Zambales province, and parts of the Spratly island chain. China insists on claiming both Recto Bank and Panatag Shoal, even though both are within the Philippines's 200-mile exclusive economic zone. A stand-off over fishing rights that began April 10 is still ongoing at Panatag.
Operations at Recto Bank
Forum Energy plc, the UK incorporated oil and gas exploration and production company with a focus on the Philippines, notes the media reports in the Philippines, and confirms that the interpretation of new 3D and 2D data acquired over the Service Contract 72 licence area in 2011 is scheduled to be presented in final form to the Board later this week. This report is expected to show an improvement in the resources previously known.
For further information please contact:
Andrew Mullins
Tel: +44 (0)1932 445 344
Executive Director
Execution Noble & Company Ltd (Nominated adviser)
Harry Stockdale
Tel: +44 (0)207 456 9191
Or visit Forum's website:
www.forumenergyplc.com
thank you
is there a reason your not responding???????????????
WHAT FIRM MADE BID & AT WHAT PRICE,JUST GOT IN
it's 61.95 pence @ gp of 1.55= approx .95cents x 33mil shs=$30 mil not 2 bil
thank you
Why did symbol change.Can't find any news for it.
Philstar.com/donnabelle gatdula
Check out Philstar Gatdula 7/18/2011 article
SMC possible investment FORUM ENERGY SC72
Wow you own 4,390,000 shs for only $20,000.Great purchase lol
Nice to hear from you.Hope your feeling well.
Regards,Gene
gov't gets p1-billion royalties from Galoc oil field.read Donnabelle Gatula article Philippine Star /business march 20,2011
my volume shows 47,406 on aim
phil.energy dept gives go ahead to forum on reed.www.manilastandardtoday.com/
check fridays trades over 500,000 up volume on 575,000 total
what or who is eod
fep trades on aim market in london in gbx last trade 1/27/11 66 shares @65 pence
65pence x 159 conversion= approx $1.03 US x 8,550,000 fep owned by fecof divided by 439,000,000 os = a tad over .02 per fecof share.i'm not bashing i own plenty and i still think it's going much higher but lets use the correct numbers
65pence@todays forex=$1.03 us which translates into .02 per fecof share but i'm still an owner
retail???? thats alot of volume
fep up nearly 20% in london this am @ 70.50pence
doms sold into mkt all day long .the 1.2m &1m share blocks is doms buying from his customer seller imho
what date was this released??