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Forum to Participate in Significant Philippine Gas Asset Through Joint Venture With Sterling Energy Plc via COMTEX April 25, 2005 CALGARY, Alberta, April 25, 2005 /PRNewswire-FirstCall via COMTEX/ -- FORUM ENERGY CORPORATION (OTC Bulletin Board: FRUEF, Frankfurt/Munich: FE8) ("Forum" or "The Company") reports the previously announced Joint Venture transaction has been completed, subject to formal shareholder approval, through the formation of a new company named "Forum Energy Plc". The new company has been specially created by Forum Energy Corporation and Sterling Energy Plc to combine and manage the energy assets of both companies in the Philippines. Both Forum and Sterling will vend their respective Philippine assets into the new company, in return for pre-negotiated equity stakes. Sterling will transfer to Forum Energy Plc an oil and gas license situated offshore North West Palawan known as GSEC101 (Reed Bank), located in the South China Sea, Philippines. The license contains the Sampaguita gas discovery. In a recent assessment PGS Reservoir Consultants (UK) Limited estimated the potential gas reserves of the Sampaguita field to be approximately 2.3 TCF (trillion cubic feet). Forum Energy Corporation will transfer to the new company its 66.67% interest in Forum Exploration Inc., which includes oil and gas license SC40, onshore and offshore of the northern portion of the island of Cebu, Philippines, as well as the Central Cebu and Southern Cebu coal operating contracts (COCs). Following the transfers, the new company will apply for admission to the Alternative Investment Market (AIM) of the London Stock Exchange. Forum Energy Plc has already received pre-IPO commitments for 3.4 million pounds sterling (c. US$6.5 million). The funds have been raised through an institutional placement brokered by Noble & Company of London & Edinburgh. The investors will acquire approximately 20% of the new company. Following the pre-IPO placement, Forum Energy Corporation`s stake in the new company will be approximately 57%, whilst Sterling will hold an approximate 23% stake. The pre-IPO placement initially values the new company at 17 million pounds sterling (c. US$32.5 million). "We are delighted that Forum Energy Plc`s pre-IPO fundraising efforts have already resulted in 3.4 million pounds sterling (c. US$6.5 million) of commitments. The transaction with Sterling Energy will provide Forum Energy Corporation with the means to fast-track development of its Philippine assets, through access to the London market along with the additional exposure to GSEC101, a natural gas prospect with world-class potential. We are also very pleased to be working with a company such as Sterling Energy, which has an excellent reputation and track-record. We are confident that this transaction will add significant value to the company," commented David Robinson, CEO. The transaction is to be finalized on May 18th 2005 following an Extraordinary General Meeting of Forum Energy Corporation`s Shareholders. Shareholders of record as at April 18th have been invited to attend the meeting. At the meeting shareholders will also be asked to approve a name change from Forum Energy Corporation to FEC Resources, Inc. Further news will be released as appropriate. FORUM ENERGY CORPORATION "David R. Robinson" President & 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 David Robinson at 403-290-1676 e-mail enquiries@forumenergy.com or visit the Forum Energy website at www.forumenergy.com Contact: David Robinson of Forum Energy Corporation, +1-403-290-1676, or enquiries@forumenergy.com. SOURCE Forum Energy Corporation David Robinson of Forum Energy Corporation, +1-403-290-1676, or enquiries@forumenergy.com http://www.prnewswire.com Copyright (C) 2005 PR Newswire. All rights reserved. |
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| aus der Diskussion: | !!!! GANZ AKTUELL - STRONG BUY EMPFEHLUNG !!! |
| Autor (Datum des Eintrages): | dutt (25.04.05 15:16:23) |
| Beitrag: | 68 von 247 (ID:16449192) |
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