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FORUM ENERGY CORPORATION (NASDAQ OTCBB: FRUEF, Frankfurt/Munich: FE8) ("Forum" or "The Company") reports further to the company`s announcement of July 29th 2004, the formal award from the Philippine Department of Energy (DOE) of two Coal Operating Contracts (COC) on the island of Cebu, Philippines to Forum`s 2/3rd owned subsidiary - Forum Exploration Inc. The two contracts, located at Balamban-Naga (Central Cebu) and Dalaguete (Southern Cebu) have estimated proven reserves of around 6 million tons of high quality coal (12,000BTU) with considerable upside. The production forecast for the two contracts is for up to 9000 tons per month plateau base case (within a year) for both licenses The COC in Central Cebu is made up of four blocks covering an area of over 4,000 hectares which is known for the widespread coal bearing Luca Formation of early-middle Miocene age. The Southern Cebu COC also involves four coal blocks covering an area of almost 3,000 hectares which is known for its coal bearing Calagasan formation of middle Miocene age. Energy Secretary Vincent Perez said the entry of more investors into the industry, particularly with the expected rise in coal demand, would "help reinvigorate the economy.`` Mr Perez went on to say "These projects will generate employment in the areas where they will operate. I hope the optimism in the coal industry will be sustained to further advance our goal of energy independence through the use of indigenous resources,`` The Philippines is estimated to have 330 million metric tons of coal reserves. Last year, coal production hit an all time high of 2.7 million metric tons, 33% higher than the 2003 production of 2.03 million metric tons. Production from the two licenses is expected to commence this year. On behalf of the Board of, FORUM ENERGY CORPORATION “David R. Robinson” David R. Robinson President and CEO This release contains "forward looking statements" as per Section 21E of the US Securities and Exchange Act of 1934, as amended. Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Management is currently reviewing many options and there is no assurance that they will not make decisions other than those now contemplated. The Company is subject to political risks and operational risks identified in documents filed with the Securities and Exchange Commission, including changing and depressed oil prices, unsuccessful drilling results, change of government and political unrest in its main area of operations For more information please contact Mr. David R. Robinson at (403) 290-1676 e-mail enquiries@forumenergy.com or visit the Forum Energy website at www.forumenergy.com |
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| aus der Diskussion: | !!!! GANZ AKTUELL - STRONG BUY EMPFEHLUNG !!! |
| Autor (Datum des Eintrages): | sufukli (01.03.05 12:41:26) |
| Beitrag: | 60 von 247 (ID:15954084) |
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