Results Round Up
Philippines-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.
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"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."
