26th Nov 2007 10:31
Forum Energy Plc26 November 2007 26 November 2007 Forum Energy Plc ("Forum" or the "Company") Disposal of assets Forum is pleased to announce that it has entered into a Sale & PurchaseAgreement to sell its interest in the Central Cebu Coal Operating Contract 132("COC132"), for US$3,500,000, in cash, to First Asian Resources and MiningCorporation, a private Philippine Company. The sale is subject to agreement by relevant regulatory authorities, includingthe Department of Energy of the Republic of the Philippines ("DOE"). Forum retains its interest in the Southern Cebu Coal Operating Contract ("COC131") and the Company is currently considering a number of options to optimise the return from this interest. Further news will be released as appropriate. Statement from Russell Harvey, CEO "We are pleased to have agreed terms on a sale of the COC132 licence. The saleenables us to continue implementation of our plan to re-focus the business onour material asset, GSEC101. In addition the sale will substantially improve our balance sheet and thus ourshareholders will benefit from our continued non-dilutive efforts to fund theCompany on an ongoing basis. Production from our interest in the Galoc Field due to come on-stream in thefirst half of 2008, will further boost our cash reserves going-forward." For further information please contact: Forum Energy Plc: Andrew Mullins Tel: +44 (0)1932 445344 Company Secretary Noble & Company Ltd: Nick Naylor Tel: +44 (0)207 763 2200 Director Pelham Public Relations:Charles Vivian Tel: +44 (0)20 7743 6672 Mob: +44 (0)7977 297 903Evgeniy Chuikov Tel: +44 (0)20 7743 6672 Mob: +44 (0)7894 608 606 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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