Forum Energy 2011 Net Profit Rebounds to $3.4M

UK–(PHStocks)–Forum Energy PLC, the UK incorporated oil and gas exploration and production company with a focus on the Philippines, has announced its audited results for the year ended 31 December 2011. Revenues more than doubled to $12.7 million in 2011, up from $6.1 million in the previous year. Net profit, meanwhile, reached $3.4 million, recovering from a $0.6 million loss in 2010.

Philex Petroleum Corp. (PSE: PXP), a subsidiary of Philex Mining Corp. (PSE: PX), together with FEC Resources Inc., holds an effective 64.45% controlling interest in Forum Energy.

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