Forum Energy Plc Stmnt re Share Price Movement (7708Q)
October 17 2013 - 7:55AM
UK Regulatory
TIDMFEP
RNS Number : 7708Q
Forum Energy Plc
17 October 2013
17 October 2013
FORUM ENERGY PLC
("Forum Energy" or the "Company")
Statement re Share Price Movement
The directors of Forum Energy note the recent movement in the
Company's share price and confirm that they are not aware of any
reason for such a movement.
However, the Company notes the speculation in relation to the
status of the Phase II development wells being drilled at the
producing Galoc oilfield offshore the Philippines (in which Forum
Energy has a 2.27% participating interest). Otto Energy Limited,
the operator of the permit, has announced that the results from the
flow test of the first development well, 5-H, are still in line
with the previous forecast of an overall field production rate of
12,000 bopd gross (272 bopd net to Forum Energy), to be delivered
once Phase II is brought in to production which is expected to be
in late November 2013.
The Company also announces that it is in the process of
negotiating the refinancing of its US$15m related party loan
facility with Philex Mining Corporation. The directors of the
Company expect this process to be concluded in the coming weeks. A
further announcement will be made as soon as these negotiations
have been concluded.
For further information please contact:
Forum Energy Plc
Andrew Mullins, Tel: +44 (0) 1932 445 344
Executive Director & Company Secretary
Execution Noble & Company Ltd (Nominated Adviser &
Broker)
Harry Stockdale Tel: +44 (0) 207 456 9191
Or visit the Company's website:
www.forumenergy.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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