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Last checked at 
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)
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