TIDMFEP
RNS Number : 3666I
Forum Energy Plc
24 July 2012
Forum Energy Plc
("Forum" or "the Company")
Interim Results
Forum, the UK incorporated oil and gas exploration and
production company, with a focus on the Philippines, today
announces its unaudited interims for the six months ended 30 June
2012.
Forum recorded a loss of US$1,696,000 for the interim period
ended 30 June 2012 (profit - US$3,322,000 for interim period ended
30 June 2011).
The loss for the period compared to the profit for 2011 is
principally due to income from the Galoc field (in which Forum
holds a 2.27% equity interest) being 87% lower than the 2011
interim period due to the temporary suspension of production at the
Galoc oil field (SC-14C) which was required whilst the Floating
Production, Storage and Offloading vessel was upgraded. Production
at the Galoc field has subsequently recommenced at normal
rates.
Operational Highlights
-- SC72 seismic interpretation and resource update completed in
April 2012, which showed an improvement in the resources previously
estimated and supporting the case to proceed with a drilling
programme;
-- Development of Libertad Gas Field (SC40) by DESCO with first
commercial production in Q1 2012, with expected net income to Forum
to be modest on an annual basis;
-- Completion of Galoc oil field, Floating Production, Storage
and Offloading vessel upgrade in Q1 2012.
Financial Highlights
-- Revenues of US$1,346,000 (US$7,556,000 - 30 June 2011);
-- Gross Profit of US$30,000 (US$4,557,000 - 30 June 2011);
-- Loss before tax of US$1,696,000 (profit before tax of US$3,322,000 - 30 June 2011);
-- Working capital of US$6.9m as of 30 June 2012, of which $5m
remained available as undrawn loan facility from Philex (US$3.4m -
30 June 2011);
-- US$4.4m settlement of legal dispute with Basic Energy
Corporation relating to deferred consideration on assets acquired
in the North Palawan area, which has been capitalised as Galoc
acquisition costs;
-- Exercise of 2,185,000 options during the period by Directors and staff at US$0.484;
-- Increase in loan facility provided by Philex Mining
Corporation (the parent Company of Forum's two principal
shareholders) from US$10m to US$15m for short-term working capital
purposes and repayable in November 2013.
For further information please contact:
Forum Energy Plc
Andrew Mullins, Executive Director Tel: +44 (0) 1932 445 344
Execution Noble & Company Limited
Harry Stockdale / John Llewellyn-Lloyd Tel: +44 (0) 20 7456 9191
Or visit the Company's website:
www.forumenergy.com
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the period ended 30 June 2012
___________________________________________________________________________________________
Six months Six months
Ended ended Year ended
30 June 30 June 2011 31 December
2012 2011
US$000 US$000 US$000
Note Unaudited Unaudited Audited
Revenue 1,346 7,556 12,734
Cost of sales (1,316) (2,999) (6,913)
______ ______ ______
Gross profit 30 4,557 5,821
Administrative expenses (1,288) (992) (1,987)
______ ______ ______
(Loss)/profit from operations (1,258) 3,565 3,834
Finance expense (443) (255) (421)
Finance income 5 12 7
______ ______ ______
(Loss)/profit before tax (1,696) 3,322 3,420
Tax expense - - -
______ ______ ______
(Loss)/profit from continuing
operations (1,696) 3,322 3,420
______ ______ ______
Total comprehensive (loss)/income
for the period (1,696) 3,322 3,420
_____ ______ ______
Total comprehensive income/(loss)
attributable to:
Owners of the parent (1,607) 3,354 3,457
Non-controlling interest (89) (32) (37)
______ ______ ______
(1,696) 3,322 3,420
______ ______ ______
US Cents US Cents US Cents
(Loss)/profit per ordinary share
(US Cents) attributable to equity
holders of the parent
Basic 3 (4.75) 10.1 10.4
______ ______ ______
Diluted 3 (4.75) 9.4 9.7
______ ______ ______
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 June 2012
30 June 30 June 2011 31 December
2012 2011
US$000 US$000 US$000
Note Unaudited Unaudited Audited
Assets
Non-current assets
Property, plant and equipment 8,525 4,392 5,888
Intangible assets 4 51,394 49,462 50,730
Investments 29 30 24
______ ______ ______
Total non-current assets 59,948 53,884 56,642
Current assets
Inventories 103 261 57
Trade and other receivables 2,009 3,028 1,862
Cash and cash equivalents 1,171 2,813 2,761
______ ______ ______
Total current assets 3,283 6,102 4,680
______ ______ ______
Total assets 63,231 59,986 61,322
______ ______ ______
Liabilities
Non-current liabilities
Other liabilities and provisions 5,075 3,975 3,929
Loan 10,000 6,000 6,000
______ ______ ______
Total non-current liabilities 15,075 9,975 9,929
Current liabilities
Trade payables and other payables 1,367 2,680 3,964
______ ______ ______
Total current liabilities 1,367 2,680 3,964
______ ______ ______
Total liabilities 16,442 12,655 13,893
______ ______ ______
Total net assets 46,789 47,331 47,429
______ ______ ______
Capital and reserve attributable
to equity
holders of the company
Share capital 6,322 5,982 5,982
Share premium reserve 51,680 50,964 50,964
Share options reserve - 438 438
Retained deficit (12,421) (11,355) (11,252)
______ ______ ______
45,581 46,029 46,132
Non-controlling interest 1,208 1,302 1,297
______ ______ ______
Total equity 46,789 47,331 47,429
______ ______ ______
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the period ended 30 June 2012
____________________________________________________________________________________
Share
Share Share option Retained Non-controlling Total
capital premium reserve deficit Total interest capital
and reserves
US$000 US$000 US$000 US$000 US$000 US$000 US$000
Balance as at 1
January 2011 5,982 50,964 438 (14,709) 42,675 1,334 44,009
Total comprehensive
income
for the period - - - 3,354 3,354 (32) 3,322
______ ______ ______ ______ ______ ______ ______
Balance as at 30
June 2011
(Unaudited) 5,982 50,964 438 (11,355) 46,029 1,302 47,331
Total comprehensive
income
for the period - - - 103 103 (5) 98
______ ______ ______ ______ ______ ______ ______
Balance as at 31
December
2011 (audited) 5,982 50,964 438 (11,252) 46,132 1,297 47,429
Total comprehensive
income
for the period - - - (1,607) (1,607) (89) (1,696)
Transfer to retained
deficit - - (438) 438 - - -
Issue of shares
(net of costs) 340 716 - - 1,056 - 1,056
______ ______ ______ ______ ______ ______ ______
Balance as at 30
June 2012 (Unaudited) 6,322 51,680 - (12,421) 45,581 1,208 46,789
______ ______ ______ ______ ______ ______ ______
CONSOLIDATED STATEMENT OF CASH FLOWS
For the period ended 30 June 2012
___________________________________________________________________________________________
Six months Six months Year
Ended ended Ended
30 June 30 June 2011 31 December
2012 2011
US$000 US$000 US$000
Unaudited Unaudited Audited
Cash flows from operating activities
(Loss)/profit before tax for the
period (1,696) 3,322 3,420
Adjustments for:
Depreciation 575 2,169 4,718
Foreign exchange loss 267 - 160
Gain on investments (5) (12) (6)
Finance income - - (1)
Finance expenses 177 117 261
______ ______ ______
(682) 5,596 8,552
______ ______ ______
Increase in trade and other receivables (147) (4,219) (711)
(Increase)/decrease in inventories (46) 158 362
(Decrease)/increase in trade and
other payables (1,597) (1,054) 1,547
______ ______ ______
Net cash flows from operating
activities (2,472) 481 9,750
Investing activities
Purchases of property, plant and
equipment (2,265) (32) (6,934)
Disposal of property, plant and
equipment - - 1
Purchase of intangible assets (1,609) (5,897) (8,100)
Interest received - - 1
Interest paid (177) (117) (261)
______ ______ ______
Net cash from investing activities (4,051) (6,046) (15,293)
Financing activities
Issue of ordinary shares (net 1,056 - -
of issue costs)
Loan facility 4,000 6,000 6,000
______ ______ ______
Net cash from financing activities 5,056 6,000 6,000
______ ______ ______
Net (decrease)/increase in cash and
cash equivalents (1,467) 435 457
Cash and cash equivalents at beginning
of period 2,761 2,464 2,464
Exchange losses on cash and cash
equivalents (123) (86) (160)
______ ______ ______
Cash and cash equivalents at end
of period 1,171 2,813 2,761
______ ______ ______
UNAUDITED NOTES FORMING PART OF THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
For the period ended 30 June 2012
1. Accounting Policies
Basis of preparation
The interim financial statements have been prepared using
policies based on International Financial Reporting Standards (IFRS
and IFRIC interpretations) issued by the International Accounting
Standards Board (IASB) as adopted for use in the EU. The interim
financial information has been prepared using the accounting
policies which will be applied in the Group's statutory financial
statements for the year ending 31 December 2012.
2. Financial Reporting Period
The interim financial information for the period 1 January 2012
to 30 June 2012 is unaudited. In the opinion of the Directors the
interim financial information for the period presents fairly the
financial position, and results from operations and cash flows for
the period and are in conformity with generally accepted accounting
principles consistently applied. The accounts incorporate
comparative figures for the interim period 1 January 2011 to 30
June 2011 and the audited financial year ended 31 December
2011.
The financial information contained in this interim report does
not constitute statutory accounts as defined by section 435 of the
Companies Act 2006.
The comparatives for the full year ended 31 December 2011 are
not the Company's full statutory accounts for that year. A copy of
the statutory accounts for that year has been delivered to the
Registrar of Companies. The auditors' report on those accounts was
unqualified, did not include references to any matters to which the
auditors drew attention by way of emphasis without qualifying their
report and did not contain a statement under section 498(2)-(3) of
the Companies Act 2006.
3. Loss/(profit) Per Share
The calculation of basic and diluted loss per share has been
based on the loss for the period of US$1,607,000 (30 June 2011
profit - US$3,354,000).
The basic weighted average number of equity shares in issue for
the period is 33,799,450 ordinary (30 June 2011: 33,364,533).
The diluted weighted average number of equity shares in issue
for the period is 33,799,450 ordinary (30 June 2011:
35,559,533).
The corresponding figures for the year ended 31 December 2011
were: profit attributable to equity holders of the Company of
US$3,457,000 and weighted average number of shares 33,364,533.
4. Intangible Assets
The net book values of assets included within intangible fixed
assets are as follows:
SC40 - US$27,920,000 (31 December 2011: US$29,024,000) & (30
June 2011: US$28,838,000)
SC72 - US$23,007,000 (31 December 2011: US$21,474,000) & (30
June 2011: US$20,399,000)
Others - US$467,000 (31 December 2011: US$232,000) & (30
June 2011: US$225,000).
5. Functional Currency
All amounts have been prepared in US dollars, this being the
Group's functional currency and its presentational currency.
6. Going Concern
The Directors have considered the Group's current position.
Forecast cash flows and nature of discretionary spend support the
assessment that the Group is a going concern. In addition, the
Directors are considering future funding options to meet the
funding requirements of the drilling programme at SC72.
7. Additional Information
Further copies of the Interim Statement are available from the
Company Secretary, Forum Energy plc, 120 Bridge Road, Chertsey,
Surrey KT16 8LA, United Kingdom, Tel: +44 (0)1932 445 344 E-mail:
info@forumenergyplc.com or downloaded from the website:
www.forumenergyplc.com.
- End -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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