The Board of Forum Energy reported that the Company has been notified in writing by the Philippines Department of Energy that the service contract to be entered into under the GSEC101 license is in its final draft and that it is planned that formal signing of the service contract will take place in the third week of August 2008.
In light of this latest development, the Board is considering its response to the mandatory cash offer made by Philex Petroleum Corporation ("PPC") to acquire the entire and to be issued ordinary shares of the Company which are not already owned or otherwise contracted to be acquired by PPC or any of its associates.
A document containing the full terms and condition of the Offer was posted to Forum's shareholders on July 30, 2008. The Offer, which values each ordinary share of Forum at 48p and Forum's entire issued share capital at approximately £13.8 million, is being made solely because PPC is required to do so under the rules of the Takeover Code following its acquisition of 4,004,000 ordinary shares of Forum on July 1, 2008.
The Board will publish its response to the Offer on August 6, 2008 and, in the meantime, advises Forum's shareholders to take no action regarding the Offer until they have had the opportunity to consider the Board's response to the Offer.
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