United Kingdom-based oil and gas firm Forum Energy Plc. has not recovered from its full-year 2012 losses, after concluding the first six months of the year with a loss.
Forum Energy, the UK incorporated oil and gas exploration and production company with a focus on the Philippines, posted on its website that it recorded a loss of $2.8 million for the interim period ended June 30, 2013.
For the period, the company also registered a drawdown of $1.2 million under the BNP facility agreement for the development of Galoc Phase II. Revenues of the company for the period, on the other hand, stood at $2.2 million.
This increase in revenue, according to the firm, reflected the fact that the Galoc field operated normally throughout the period, whereas it did not operate for the first four months of 2012 while the facilities were being refurbished.
There has also been continued discussions with major shareholders, Philex Mining Corp., regarding the potential extension of the loan agreement of $15 million which is expected to be approved in the coming months, Forum Energy reported.
“The directors continue to review the funding options required for the SC [Service Contract] 72 drilling program,” it further said.
During the first half of the year, Forum Energy was unable to commence the SC72 drilling program due to the ongoing territorial dispute between the Philippine and Chinese governments, and was granted an extension to August 2015 to complete the second sub-phase obligations of drilling wells on SC72.
The company, however, was able to participate in the Galoc Phase II development, which is progressing on schedule with the first oil expected in the fourth quarter of 2013.