TIDMFEP
RNS Number : 1238N
Forum Energy Plc
24 July 2014
24 July 2014
Forum Energy Plc
("Forum" or "the Company")
Interim results for the six months ended 30 June 2014
Forum, the UK incorporated oil and gas exploration and
production company with a focus on the Philippines, today announces
its unaudited interims for the six months ended 30 June 2014.
Operational Highlights
-- On 9 July 2014 a one year extension of Sub-Phase 2 of SC72
was announced from the Department of Energy. Forum now has until
August 2016 to drill the two commitment wells under the sub-phase.
Preparations are underway for possible drilling in late 2015 or
early 2016, subject to rig availability. During 2014 a block-wide
geological and geophysical study will be initiated to map other
leads outside the Sampaguita Field
-- Galoc Phase II development completed in November 2013, which
has increased production from an average 4,720
barrels of oil per day (bopd) gross to an average 8,980 bopd
gross
-- Ongoing technical evaluation of the SC40 onshore area to
determine any potential drilling targets and
-- Continued preparation to re-develop the West Linapacan Field
by the operator RMA West Linapacan Pte Ltd; Forum
will not have to cover any of the costs of the exploration
programme until first commercial oil production
Financial Highlights
-- Revenues for the period were US$4.5 million, twice the level
generated in the corresponding period ended 30 June 2013 of US$2.2
million;
-- Gross profit of US$2.0 million, compared to US$0.4 million in the first half of 2013;
-- Administrative expenses were reduced to US$0.9 million due to
staff restructuring costs incurred in 2013, compared
to US$1.6 million in the first half of 2013;
-- Profit before tax of US$0.6 million, compared to a loss of
US$2.2 million in the first half of 2013;
-- Net profit of US$0.5 million, compared to a loss of US$2.8
million in the first half of 2013;
-- Operating cash-flow of US$3.5 million, compared to operating
cash-flow of US$0.5 million in first half of 2013;
-- Repaid the US$2.5 million BNP finance facility on 30 June
2014, 18 months ahead of schedule; and
-- Cash of US$0.4 million at 30 June 2014, compared to US$2.8
million at 30 June 2013, and US$0.2 million at 31
December 2013.
For further information please contact:
Forum Energy Plc
Andrew Mullins, Executive Director Tel: +44 (0) 1932 445 344
Execution Noble & Company Limited,
Trading as Espirito Santo Investment bank
Harry Stockdale / John Llewellyn-Lloyd Tel: +44 (0) 20 7456 9191
Or visit the Company's website:
www.forumenergy.com
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
For the period ended 30 June 2014
__________________________________________________________________________________
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2014 2013 2013
US$000 US$000 US$000
Note Unaudited Unaudited Audited
Revenue 4,468 2,244 4,426
Cost of sales (2,452) (1,870) (2,906)
------------------------------- ----- ----------- ----------- ------------
Gross profit 2,016 374 1,520
------------------------------- ----- ----------- ----------- ------------
Administrative expenses 4 (927) (1,631) (2,507)
Impairment charge - - (1,298)
Write down of inventory - (573) -
------------------------------- ----- ----------- ----------- ------------
Total operating expenses (927) (2,204) (3,805)
------------------------------- ----- ----------- ----------- ------------
Profit/(loss) from operations 1,089 (1,830) (2,285)
Finance income 8 1 248
Finance expenses 5 (528) (399) (1,271)
------------------------------- ----- ----------- ----------- ------------
Profit/(loss) before
tax 569 (2,228) (3,308)
Taxation 6 (48) (523) (337)
------------------------------- ----- ----------- ----------- ------------
Profit/(loss) from continuing
operations 521 (2,751) (3,645)
------------------------------- ----- ----------- ----------- ------------
Total profit/(loss)
from continuing operations
Owners of the parent 577 (2,803) (2,998)
Non-controlling interest (56) 52 (647)
------------------------------- ----- ----------- ----------- ------------
521 (2,751) (3,645)
------------------------------- ----- ----------- ----------- ------------
Other comprehensive
income
Actuarial gain - - 60
------------------------------- ----- ----------- ----------- ------------
Total comprehensive
profit/(loss) for the
period 521 (2,751) (3,585)
------------------------------- ----- ----------- ----------- ------------
Total comprehensive
profit/(loss) attributable
to:
Owners of the parent 577 (2,803) (2,938)
Non-controlling interest (56) 52 (647)
------------------------------- ----- ----------- ----------- ------------
521 (2,751) (3,585)
------------------------------- ----- ----------- ----------- ------------
US Cents US Cents US Cents
Earnings/(loss) per ordinary
share (US Cents) attributable
to equity holders of the
company
Basic & Diluted EPS
for the period (per
share) 7 1.62 (7.88) (8.26)
------------------------------- ----- ----------- ----------- ------------
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
At 30 June 2014
30 June 30 June 2013 31 Dec
2014 2013
US$000 US$000 US$000
Note Unaudited Unaudited Audited
Restated*
Assets
Non-current assets
Exploration, evaluation and
development assets 8 27,629 29,384 27,534
Oil and gas properties 9 8,239 4,901 8,863
Other property, plant and
equipment 47 70 56
Deferred tax 245 - 287
Other receivables 112 - 117
Investments - 10 9
Total non-current assets 36,272 34,365 36,866
---------------------------------- ----- ---------- ------------- ---------
Current assets
Inventories 141 1,475 307
Trade and other receivables 1,816 3,719 2,398
Derivative asset - - 22
Cash and cash equivalents 385 2,807 242
Total current assets 2,342 8,001 2,969
---------------------------------- ----- ---------- ------------- ---------
Total assets 38,614 42,366 39,835
---------------------------------- ----- ---------- ------------- ---------
Liabilities
Non-current liabilities
Loans 10 15,500 587 16,438
Deferred tax 23 -. 23
Other liabilities and provisions 3,954 4,040 3,917
Total non-current liabilities 19,477 4,627 20,378
---------------------------------- ----- ---------- ------------- ---------
Current liabilities
Loans 10 - 15,574 1,239
Trade payables and other
payables 1,592 4,536 1,198
Income tax payable 229 - 225
Total current liabilities 1,821 20,110 2,662
---------------------------------- ----- ---------- ------------- ---------
Total liabilities 21,298 24,737 23,040
---------------------------------- ----- ---------- ------------- ---------
Total net assets 17,316 17,629 16,795
---------------------------------- ----- ---------- ------------- ---------
Capital and reserve attributable
to equity holders of the
company
Share capital 6,322 6,322 6,322
Share premium 51,061 51,061 51,061
Retained deficit (40,493) (40,935) (41,070)
---------------------------------- ----- ---------- ------------- ---------
16,890 16,448 16,313
---------------------------------- ----- ---------- ------------- ---------
Non-controlling interest 426 1,181 482
---------------------------------- ----- ---------- ------------- ---------
Total capital and reserves 17,316 17,629 16,795
---------------------------------- ----- ---------- ------------- ---------
* Certain amounts shown here do not correspond to the 2012
financial statements and reflect adjustments made, refer to Note
14.
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
For the period ended 30 June 2014
__________________________________________________________________________________
Total
Share Share Retained Non-controlling capital
capital premium deficit Total interest and reserves
US$000 US$000 US$000 US$000 US$000 US$000
------------------------ ---------- ---------- ----------- ----------------- ---------------- ---------------
Balance as at 1
January 2013 6,322 51,680 (37,070) 20,932 1,129 22,061
Restatement (Note
14) - (619) (1,062) (1,681) - (1,681)
Restated balance 6,322 51,061 (38,132) 19,251 1,129 20,380
Changes in equity
Loss for the period - - (2,803) (2,803) 52 (2,751)
Other comprehensive - - - - - -
income
------------------------ ---------- ---------- ----------- ----------------- ---------------- ---------------
Total comprehensive
income for the
period - - (2,803) (2,803) 52 (2,751)
Balance as at 30
June 2013 (Unaudited) 6,322 51,061 (40,935) 16,448 1,181 17,629
Changes in equity
Loss for the period - - (195) (195) (699) (894)
Other comprehensive
income - - 60 60 - 60
------------------------ ---------- ---------- ----------- ----------------- ---------------- ---------------
Total comprehensive
income for the
period - - (135) (135) (699) (834)
------------------------ ---------- ---------- ----------- ----------------- ---------------- ---------------
Balance as at 31
Dec 2013 (audited) 6,322 51,061 (41,070) 16,313 482 16,795
Changes in equity
Profit for the
period - - 577 577 (56) 521
Other comprehensive - - - - - -
income
Total comprehensive
income for the
period - - 577 577 (56) 521
------------------------ ---------- ---------- ----------- ----------------- ---------------- ---------------
Balance as at 30
June 2014 (Unaudited) 6,322 51,061 (40,493) 16,890 426 17,316
------------------------ ---------- ---------- ----------- ----------------- ---------------- ---------------
Certain amounts shown here do not correspond to the 2012
financial statements and reflect adjustments made, refer to Note
14.
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the period ended 30 June 2014
__________________________________________________________________________________
Six months Six months Year
Ended ended Ended
30 June 30 June 31 Dec
2014 2013 2013
US$000 US$000 US$000
Unaudited Unaudited Audited
Restated*
Cash flows from operating
activities
Profit/(loss) before tax
for the period 569 (2,228) (3,308)
Adjustments for:
Depletion and depreciation 1,131 910 938
Impairment charge - - 729
Loss on sale of exploration
equipment - - 569
Write down of inventory - 573 -
Loss on investments 9 1 2
Finance income - (1) (1)
Interest charge on loan facility 447 565 1,050
Hedging (gains)/losses and
charge (8) - 219
Working capital adjustments:
Decrease/(increase) in trade
and other receivables 587 (1,206) (164)
Decrease/(increase) in inventories 166 (85) (60)
Increase/(decrease) in trade
and other payables 564 2,004 (1,290)
Increase/(decrease) in provisions
and employee benefits 42 (9) 26
-------------------------------------- ----------- ----------- ----------
Cash flows from operating
activities 3,507 524 (1,290)
Tax paid (7) (390) (393)
-------------------------------------- ----------- ----------- ----------
Net cash from operating activities 3,500 134 (1,683)
Investing activities
Purchase of oil and gas properties (498) (15) (25)
Purchase of other property,
plant and equipment - - (2)
Disposal of other property,
plant and equipment - 41 45
Purchase of exploration,
evaluation and development
asset (95) (3,710) (6,629)
Disposal of exploration equipment - - 1,294
Interest received - 1 1
-------------------------------------- ----------- ----------- ----------
Net cash used in investing
activities (593) (3,683) (5,316)
Financing activities
Loan facility draw down 300 1,161 2,677
Loan facility repayments (2,477) - -
Hedging payments (140) - (70)
Interest paid (447) (565) (1,126)
-------------------------------------- ----------- ----------- ----------
Net cash from financing activities (2,764) 596 1,481
Net increase/(decrease) in
cash and cash equivalents 143 (2,953) (5,518)
Cash and cash equivalents
at beginning of period 242 5,760 5,760
-------------------------------------- ----------- ----------- ----------
Cash and cash equivalents
at end of period 385 2,807 242
-------------------------------------- ----------- ----------- ----------
* Certain amounts shown here do not correspond to the 2013
financial statements and reflect adjustments made, refer to note
14.
UNAUDITED NOTES FORMING PART OF THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
For the period ended 30 June 2014
1. Basis of preparation and accounting policies
Basis of preparation
The annual financial statements of Forum Energy are prepared in
accordance with International Financial Reporting Standards as
adopted by the European Union. The unaudited condensed consolidated
financial information for the six months ended 30 June 2014
included in this interim financial report has been prepared in
accordance with International Accounting Standard 34 "Interim
Financial Reporting", as adopted by the European Union.
The interim financial report does not include all the
information and disclosures required in the annual financial
statements, and should be read in conjunction with the consolidated
financial statements in the Forum Energy Annual Report and Accounts
for the year ended 31 December 2013. The accounting policies
adopted in the preparation of the interim financial report, the
significant judgments made by management in applying the Group's
accounting policies, and the key sources of estimation uncertainty
are consistent with those followed in the preparation of the
Group's financial statements for the year ended 31 December
2013.
2. Segment Analysis
For management purposes, the operations of the Group are
organised based on geographical regions. The Group currently
operates in only one geographical region which is the Philippines.
No other operating segments have been aggregated to form reportable
operating segments.
Geographical information
Revenues from external customers
30 June 31 December
30 June 2014 2013 2013
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
---------------- --------------- ---------- -------------
United Kingdom - - -
Philippines 4,468 2,244 4,426
---------------- --------------- ---------- -------------
4,468 2,244 4,426
---------------- --------------- ---------- -------------
Total assets
30 June 31 December
30 June 2014 2013 2013
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
---------------- ------------- ---------- ------------
United Kingdom 527 2,727 316
Philippines 38,087 39,639 39,519
---------------- ------------- ---------- ------------
38,614 42,366 39,835
---------------- ------------- ---------- ------------
Total liabilities
30 June 31 December
30 June 2014 2013 2013
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
---------------- ------------- ---------- ------------
United Kingdom 91 - 82
Philippines 21,207 24,737 22,958
---------------- ------------- ---------- ------------
21,298 24,737 23,040
---------------- ------------- ---------- ------------
All of the revenues (30 June 2013: 100%) (31 December 2013:
100%) were generated from Philippine based assets including the
Galoc, Libertad, Nido and Matinloc fields.
3. Financial reporting period
The interim financial information for the period from 1 January
2014 to 30 June 2014 is unaudited. In the opinion of the Directors,
the interim financial information for the period presents fairly
the financial position, and results from operations and cash flows
for the period and are is in conformity with generally accepted
accounting principles consistently applied. The accounts
incorporate comparative figures for the interim period 1 January
2013 to 30 June 2013 and the audited financial year to 31 December
2013.
The financial information contained in this interim report does
not constitute statutory accounts as defined by section 435 of the
Companies Act 2006.
The comparatives for the full year ended 31 December 2013 are
not the Company's full statutory accounts for that year. A copy of
the statutory accounts for that year has been delivered to the
Registrar of Companies. The auditor's report on those accounts was
unqualified and did not contain a statement under section
498(2)-(3) of the Companies Act 2006.
4. Expenses by nature
Period Period Year ended
ended ended
30 June 30 June 31 December
2014 2013 2013
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
----------------------------- ---------- ---------- ------------
Directors' emoluments 235 515 704
Employee salaries and other
benefits 171 464 610
Legal & professional fees 317 300 580
Impairment of receivables 54 5 34
Other expenses 150 347 579
----------------------------- ---------- ---------- ------------
927 1,631 2,507
----------------------------- ---------- ---------- ------------
5. Finance expenses
Period Period Year ended
ended ended
30 June 30 June 31 December
2014 2013 2013
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
----------------------------- ---------- ---------- ------------
Loss on investments - 1 2
Loss on foreign exchange 81 48 -
Hedging losses and charges* - - 219
Interest charge and finance
costs on loan facility* 447 350 1,050
528 399 1,271
----------------------------- ---------- ---------- ------------
* The comparative balances for the year ended 31 December 2013
do not correspond to the 2013 financial statements and reflect the
reclassification of $70,000 made, refer to Note 14.
6. Income Tax
Period Period Year ended
ended ended
30 June 30 June 31 December
2014 2013 2013
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
------------------------------------- ---------- ---------- ------------
Current income tax charge
for year 6 617 621
Deferred income tax charge/(credit) 42 (94) (284)
48 523 337
------------------------------------- ---------- ---------- ------------
The income tax charge in 2013 is due to income tax on other
income of US$1,804,000 received in 2012.
7. Profit/(loss) per share
The calculation of basic and diluted profit per share has been
based on the profit for the period attributable to equity holders
of the Company of US$577,000 (30 June 2013 - Loss US$2,803,000) (31
December 2013 - Loss US$2,938,000).
The basic and diluted weighted average number of equity shares
in issue for the period is 35,549,533 ordinary shares (30 June
2013: 35,549,533) (31 December 2013: 35,549,533).
8. Exploration, evaluation and development assets
Exploration,
evaluation
and development
assets
US$'000
---------------------------------------- -----------------
Cost Unaudited
At 1 January 2014 27,534
Additions 95
At 30 June 2014 27,629
---------------------------------------- -----------------
Cost Audited
At 1 January 2013 27,567
Additions 4,841
Transfer to oil and gas properties (4,874)
---------------------------------------- -----------------
At 31 December 2013 27,534
---------------------------------------- -----------------
The net book values of assets included within exploration,
evaluation and development assets are as follows:
30 June 2014 30 June 31 December
2013 2013
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
Restated
---------- ------------- ---------- ------------
SC72 23,707 23,588 23,689
SC40 3,583 3,410 3,511
SC6/SC14 339 2,386 334
---------- ------------- ---------- ------------
27,629 29,384 27,534
---------- ------------- ---------- ------------
9. Oil and Gas properties
Oil and
gas costs
US$'000
------------------------------------------- -----------
Cost Unaudited
At 1 January 2014 20,960
Additions 498
At 30 June 2014 21,458
------------------------------------------- -----------
Depreciation
At 1 January 2014 12,097
Charge for the period 1,122
------------------------------------------- -----------
At 30 June 2014 13,219
------------------------------------------- -----------
Cost Audited
At 1 January 2013 16,790
Additions 25
Impairment (729)
Transfer from exploration, evaluation
and development assets 4,874
------------------------------------------- -----------
At 31 December 2013 20,960
------------------------------------------- -----------
Depreciation
At 1 January 2013 11,019
Charge for the year 1,078
------------------------------------------- -----------
At 31 December 2013 12,097
------------------------------------------- -----------
Net book value
At 30 June 2014 8,239
------------------------------------------- -----------
At 31 December 2013 8,863
------------------------------------------- -----------
At 30 June 2013 4,901
------------------------------------------- -----------
10. Loans
Current liabilities 30 June 30 June 31 December
2014 2013 2013
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
Philex Petroleum facility - 15,000 -
BNP Paribas facility - 574 1,239
--------------------------- ----------- ---------- ------------
- 15,574 1,239
--------------------------------------- ---------- ------------
Non-current liabilities 30 June 30 June 31 December
2014 2013 2013
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
Philex Petroleum facility 15,500 - 15,200
BNP Paribas facility - 587 1,238
--------------------------- ---------- ---------- ------------
15,500 587 16,438
--------------------------- ---------- ---------- ------------
11. Functional Currency
All amounts have been prepared in US dollars, this being the
Group's functional currency and its presentational currency.
12. Going Concern
The Directors are of the opinion that the Group currently has
sufficient funds to meet their obligations and commitments as they
fall due in the foreseeable future and has therefore adopted the
going concern basis in preparing the interim financial
statements.
The Group is currently conducting exploration and development
activities using existing funds including those generated by the
Group's interests in producing assets, principally Galoc. The
Directors are currently reviewing various funding options to fund
the continued development of SC72.
The Group considers that it retains the strong support of its
ultimate controlling shareholder, Philex Mining Corporation as
exercised through its shareholdings in Philex Petroleum
Corporation.
13. Related Party Transactions
During the period the following related party transactions
occurred within the Group.
Philex Mining Corporation is the majority shareholder and
ultimate controlling party of the Group.
On 24 November 2010, Forum Philippines Holdings Ltd, a
wholly-owned subsidiary of the company, entered into a US$10
million Facility Agreement ("the Facility") with Philex Mining
Corporation. The facility was increased to US$15 million during
2012. The Facility was available for a three year period from 24
November 2010 and funds were borrowed at an interest rate of US
LIBOR + 4.5%. As at 31 December 2012, the full US$15 million was
drawn down to enable the company to fund its 70% share of the work
programme over Service Contract 72 (SC72).
On 21 November 2013, the following amendments were made to the
Facility:
- Increased the Facility to US$18 million
- Extended the repayment date to 24 November 2016, and
- Philex Mining Corporation assigned the facility to Philex
Petroleum Corporation, a major shareholder of the company and
wholly owned subsidiary of Philex Mining Corporation.
All other terms of the Facility agreement remain the same.
Under the amended Facility agreement an additional US$200,000
was drawn down during the year to 31 December 2013 and an
additional $300,000 was drawn down during the six months to 30 June
2014.
The following transaction in relation to the Facility occurred
during the year:
30 June 30 June 31 December
2014 2013 2013
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
Loan amount due to:
Philex Mining Corporation - 15,000 -
Philex Petroleum Corp. 15,500 - 15,200
Interest charge for use of facility
payable to:
Philex Mining Corporation - 338 649
Philex Petroleum Corporation 374 - 77
Interest due to:
Philex Mining Corporation 686 387 686
Philex Petroleum Corporation 451 - 77
14. Retrospective restatement
The comparative period of consolidated statement of financial
position has been adjusted to reflect the following:
1) The reduced costs of the acquisition of Basic Petroleum and
Minerals Inc. (BPMI) in 2006 which was subsequently renamed as
Forum Energy Philippines Corporation (FEPCO). The acquisition
element paid in Forum Energy Plc, shares should have been based on
market value as date of acquisition and the post-acquisition legal
and other costs should have been included in the consolidated
statement of comprehensive income.
2) The reduced costs of the acquisition of SC72, the
post-acquisition cost should have been included in the consolidated
statement of comprehensive income.
The effect of these adjustments on the consolidated statement of
financial position and consolidated statement of changes in equity
are set out below:
Effect on Consolidated US$'000
Statement of Financial Effect on 30
Position June 2013
--------------------------------------- --------------
Total non-current assets
as previously reported 36,046
Reduction in FEPCO costs
post acquisition in 2011 (578)
Reduction in SC72 costs
post acquisition in 2011 (484)
Reduction in acquisition costs of
BPMI based on market value of shares
at date of issue (619)
Total non-current assets
as restated 34,365
--------------------------------------- --------------
Effect on Consolidated Statement Share Retained Total
of Changes in Equity Premium Earnings
US$'000 US$'000
------------------------------------------ --------- ---------- --------
As at 30 June 2013 previously
reported 51,680 (39,873) 11,807
Reduction in FEPCO costs
post-acquisition - (578) (578)
Reduction in SC72 costs post-acquisition - (484) (484)
Reduction In acquisition
costs of BPMI based on market
value of shares at date of
issue (619) - (619)
As at 30 June 2013 as restated 51,061 (40,935) 10,126
------------------------------------------ --------- ---------- --------
The comparative period of consolidated statement of cash flows
has been adjusted due to presentation errors in the consolidated
statement of cash flow for the year ended 31 December 2013 to
reflect the following:
1) The amount of net hedging losses of $149,000 was not paid
during 2013 and therefore the presentation in the operating and
financing activities has been corrected to reflect the actual
payments made ($70,000) which was previously included within
interest paid.
In addition, the hedging losses of $70,000 were previously
presented within interest charge and finance costs on loan
facility. The losses have now been correctly included within
Hedging losses and charges increasing the total charge for year to
$219,000 after reclassification. The overall net impact on Finance
expenses line in the Consolidated Statement of Comprehensive Income
is $nil.
The corresponding lines in operating activities of the
Consolidated Statement of Cash Flows (Interest charge on loan
facility and Hedging (gains)/losses and charge) have now been
updated to reflect the reclassification of the $70,000 hedging
losses and charges payment made during 2013.
2) The loss on sale of exploration equipment in the amount of
$569,000 has been presented separately within the operating
activities of the cash-flow to present it separately from the
impairment charge in the prior year.
3) The disposal proceeds from the sale of exploration equipment
in the amount of $1,294,000 was previously presented net of the
amounts paid for the purchase of exploration equipment for
$1,863,000. The disposal proceeds have now been presented
separately within investing activities of the cash-flow.
The effect of these adjustments on the consolidated statement of
cash flows is set out below:
Effect on Consolidated US$'000
Statement of Cash Flow Effect on 31
December 2013
-------------------------- ---------------
Operating (149)
Investing -
Financing 149
Net increase in cash and -
cash equivalents
-------------------------- ---------------
15. Additional Information
Copies of the Interim Statement are available from the Company
Secretary, Forum Energy plc, 16 High Holborn, London WC1V 6BX
United Kingdom, Tel: +44 (0)208 616 7297 E-mail:
info@forumenergyplc.com or downloaded from the website:
www.forumenergyplc.com.
End
This information is provided by RNS
The company news service from the London Stock Exchange
END
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