ESG has prepared the 2004 Work Program and Budget for Forum's operating subsidiary, Forum Exploration Inc. The budget is for a total of US$4.36 million, and includes the further exploration and development of the Company's Cebu Island contract (SC40) as well as Manila Bay (SC43), and specifically includes the development of the newly-discovered Maya Field and the Libertad Gas Field
This budget also includes funds for the initial assessment work required for the Manguerra coal mining operations, where as recently announced previous studies indicate proven coal reserves of 7 million tons and additional possible reserves of 12 million tons of high quality steam coal. A separate work program and budget will be constructed to encompass both the full development of the Manguerra operations and in addition the potential acquisition of other coal mining projects in the Philippines. Finally, the budget includes some initial development work on a potential producing oil and gas project that the Company is investigating in Indonesia.
The majority of the 2004 Work Program and Budget will be covered through the US$20 million financing that is being arranged through AIAK Swiss in Kuala Lumpur.
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