Philippines DOE, Forum to Sign Final Contract for GSEC101 License
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.
- Philex Seeks Foreign Partner to Explore for O&G in Parts of South China Sea (Jul 15)
- Forum Energy to Stop Exploration Work at SC 72 Due to Philippine-China Spat (Mar 03)
- Filipino-UK Firm To Drill For Gas In Disputed Sea (Sep 26)
Company: Philippines Department of Energy more info
- Philippines DOE Grants Moratorium on Palawan Basin's SC55 Work Program (Jun 17)
- Philippines DOE Approves PNOC-EC's Transfer of 10% Stake in SC 63 to Nido (Jan 09)
- Searcher Completes Mialara 2D Seismic Survery Offshore East Palawan (Oct 28)