Lfeaccetfusd Regulatory News (FEP)

13 Jun 2008 09:48



13 June 2008 

Forum Energy Plc ("Forum" or the "Company")

Update on the recent filing by Basic Energy Corporation

Further to the filing by Basic Energy Corporation ("Basic") on 6 June 2008 of a disclosure with the Philippine Stock Exchange relating to the declaration of Forum's alleged default in relation to the Sale and Purchase Agreement, dated 3 April 2006 (the "Sale and Purchase Agreement"), between Forum and Basic and its subsequent deemed termination, the Board of Forum has taken the following actions:-

filed a complaint with the Philippine Stock Exchange and Philippine Securities and Exchange Commission about the inaccurate disclosure made by Basic on 6 June 2008; and

served notice of the commencement of arbitration proceedings (as proscribed in the Sale and Purchase Agreement) to Basic.

Consideration is also being given by the Board of Forum to a damages suit in view of Basic's unilateral and unjustified action.

Further updates will be made as appropriate.

For further information please contact: 

Russell Harvey, CEO, Forum Tel: +44 (0)1932 445 344

Nick Naylor or Olu Lawson Noble & Company Ltd Tel: +44 (0)20 7763 2200 

(Nominated Adviser & Broker)