HLIGHTS right off forumenergyplc.com <annual report 2012> I will be looking forward for the 2013 annual report in a few months i believe
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 and Corporate 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$1.0 million 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 US$15 million
(2011: US$6 million), due to Philex Mining Corporation
<stylgian> hey guys....didnt they get that cash added in 2012 by diluting their shares by selling some shares? cash went up while revenues went down so i do think thats what happened. My memory is vague.....we will be seeing very soon how they handle this loan repayment....would be great if they can just pay some interest on it and leave it at that, but i think the repayment is more strict than that. I'm just somewhat more worried of further dilution......I'm not saying it wont be the same high reward stock that it is.....but it would still suck to see that happening when we still have such a big wait for sc72.
