Forum Chief Executive David Robinson said: "Following the enthusiastic response of investors in May, we have received signals of strong interest for this next round. We are confident our offer represents excellent value given the strength and diversity of our reserve base. The new funding, allied to our admission to AIM, will assist us in pursuing planned exploration, appraisal and development of our gas, oil and coal portfolio, and will support further expansion of our resource base in the Philippines." The Forum management team has extensive experience operating in the Philippines, where energy development is now a government priority.
First round funding was raised primarily for the acquisition of 2D seismic data over two attractive prospects in the Tanon Strait offshore Cebu Island and acquisition of 3D seismic data over the large Sampaguita gas field in the offshore Reed Bank area. The company expects to be generating revenue in early 2006.
Forum Energy plc was incorporated in April 2005 to combine the Philippine assets formerly held by FEC Resources Inc of Canada and AIM-quoted Sterling Energy plc. FEC and Sterling currently have interests in Forum of 57% and 23% respectively.
The company has its headquarters in London and its operations are run from Manila.
As well as the GSEC 101 Reed Bank offshore licence area, Forum's assets include the SC 40 (Cebu) licence with known onshore and offshore gas and oil discoveries, and two coal operating contracts on Cebu Island with proven and probable reserves of 4.9 million tonnes. Gas production from SC40 is expected to begin in the first quarter next year, and coal production by the middle of 2006.
Most Popular Articles