Forum Energy Raising Up to 12 Million Pounds Sterling on Admission to AIM
FEC Resources reports that Forum Energy has launched a second round of fund raising as part of its planned arrival on London's AIM market. This follows a successful first round of fund raising completed during May, when Forum raised 3.4 million pounds Sterling from institutions and management.
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
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Company: FEC Resources more info
- 3D Seismic Survey Completed Over Sampaguita Gas Discovery (Aug 19)
- Forum Energy Raising Up to 12 Million Pounds Sterling on Admission to AIM (Jul 13)
- Seismic Shoot Completed Over Key Offshore Philippines Prospects (Jun 17)