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Last checked at 
17 Oct 2013 12:55
17 October 2013
FORUM ENERGY PLC
("Forum Energy" or the "Company")
Statement re Share Price Movement
The directors of Forum Energy note the recent movement in the Company's share price and confirm that they are not aware of any reason for such a movement.
However, the Company notes the speculation in relation to the status of the Phase II development wells being drilled at the producing Galoc oilfield offshore the Philippines (in which Forum Energy has a 2.27% participating interest). Otto Energy Limited, the operator of the permit, has announced that the results from the flow test of the first development well, 5-H, are still in line with the previous forecast of an overall field production rate of 12,000 bopd gross (272 bopd net to Forum Energy), to be delivered once Phase II is brought in to production which is expected to be in late November 2013.
The Company also announces that it is in the process of negotiating the refinancing of its US$15m related party loan facility with Philex Mining Corporation. The directors of the Company expect this process to be concluded in the coming weeks. A further announcement will be made as soon as these negotiations have been concluded.
For further information please contact:
Forum Energy Plc
Andrew Mullins, Tel: +44 (0) 1932 445 344
Executive Director & Company Secretary
Execution Noble & Company Ltd (Nominated Adviser & Broker)
Harry Stockdale Tel: +44 (0) 207 456 9191
Or visit the Company's website:
www.forumenergy.com
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