Friday May 2, 09:01 AM
Forum FY loss widens, Galoc on track
LONDON (ShareCast) - Philippine-focussed oil and gas group Forum reported slightly higher pre-tax losses but said its working capital position is stronger than last year while the Galoc development remains on schedule. Pre-tax losses rose
to $3.67m in the year ended 31 December compared with $3.37m last time. Revenue rose to $876,000 from $544,000 previously."The company has managed to underpin its near-term financial future and expects to be in a position to support itself with the production from the Galoc Field due to come on-stream in the first half of 2008," said non-executive chairman Alan Henderson. "The company is now well placed to focus on the conversion of GSEC101 to a service contract, which should occur once the tri-partite agreement between China, Vietnam and the Philippines lapses in June of this year." "We look forward to significant developments as we move through 2008 and in turn to deliver value to our shareholders," he added.
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