Philex Highlights Cash Offer for Forum's Shares

Philex Petroleum Corporation ("PPC") has announced that as at 3.00 p.m. on August 18, 2008, valid acceptances had been received in respect of 1,852,107 Forum Energy Shares representing approximately 6.45 percent of Forum Energy's issued share capital.

As at 3.00 p.m. on August 18, 2008, PPC and its Associates owned a total of 12,554,200 Forum Energy Shares representing approximately 43.73 percent of Forum Energy's issued share capital. Consequently PPC and its Associates either own, or have received valid acceptances in respect of, a total of 14,406,307 Forum Energy Shares, representing approximately 50.18 percent of Forum Energy's issued share capital and accordingly the Offer has become unconditional.

The closing date for the Offer, which remains subject to the terms and conditions set out in the Offer Document, is being extended from 1.00 p.m. on August 20, 2008 and the Offer will now remain open for acceptance until 1 p.m. on September 10, 2008. Any further extensions of the Offer will be publicly announced by 8.00 a.m. on the Business Day following the day on which the Offer was otherwise due to expire, or at such later time or date as the Panel may agree.

Forum Energy Shareholders who have not yet accepted the Offer and who hold Forum Energy Shares in certificated form are urged to complete, sign and return the Form of Acceptance as soon as possible and, in any event, so as to be received by Computershare by no later than 1 p.m. on September 10, 2008.

Forum Energy Shareholders who hold Forum Energy Shares in uncertificated form (that is, in CREST) are urged to accept the Offer by sending a TTE instruction as soon as possible and, in any event, so as to be settled by no later than 1 p.m. on September 10, 2008. If you hold Forum Energy Shares as a CREST sponsored member, you should refer to your CREST sponsor as only your CREST sponsor will be able to send the necessary TTE instruction to CREST.

 

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