Forum Energy Plc notes the announcement made by Philex Petroleum Corporation to the Philippines Stock Exchange in relation to its financial performance for the three months ended 31 March 2012.

Because Philex controls approximately 64.5% of Forum Energy (including through FEC Resources Inc), this trading update includes a reference to Forum Energy's revenues. Accordingly, Forum Energy confirms its unaudited revenues for the three months to 31 March 2012 were US$0.2m.

This was 86% lower than the same period last year (Q1 2011), mainly because of the temporary suspension of production at the Galoc oil field (SC-14C) which was required whilst the Floating Production, Storage and Offloading vessel was upgraded.

Tags: Forum Energy