Forum, the UK incorporated majority Filipino held Oil and Gas Exploration and Production Company with a focus on the Philippines, announced its Audited Results for the year ended December 31, 2008.
Financial and Corporate Highlights
"Forum Energy made significant progress in 2008 and has been strengthened by the majority shareholding of Philex Mining Corporation who holds 61.44% (directly and indirectly) of the shares in Forum Energy and who brings significant Filipino involvement to the Company as well as the security of a large balance sheet," said Walter Brown, Chief Executive Officer of Forum. "We look forward to further progress in 2009 with the whole of Forum's promising portfolio including GSEC101, Forum's principal asset"
The Company's principal asset is a 70% interest in GSEC101, an offshore petroleum licence situated west of Palawan Island in the South China Sea. In 2006, results from a 248-square kilometre 3D seismic survey over the licence area indicated 3.4TCF gas-in-place (GIP).
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