Stock data
| Market cap. | £23.4m |
| Last close | 70.00p |
| High / Low (52 weeks) | 70.0p / 34.5p |
| Stock market listing | AIM |
| Forecast net debt (US$m) | 0 |
| Forecast gearing ratio (%) | 0 |
| Team | Resources - Oil & Gas |
| Sector | Oil & Gas |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | 23.89 | 47.37 | 5.26 |
| Relative * | 18.01 | 37.58 | 8.65 |
* % Relative to local index
Other companies covered in sector
| Y/E Dec | Revenue (US$m) | EBITDA (US$m) | PBT (US$m) | EPS (c) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2009A | 1.8 | (1.3) | (2.2) | (11.5) | N/A | N/A |
| 2010A | 6.1 | 2.1 | (0.6) | (2.0) | N/A | 19.1 |
| 2011E | 17.1 | 11.2 | 8.7 | 26.0 | 4.2 | 4.3 |
| 2012E | 15.4 | 9.9 | 6.8 | 19.2 | 5.7 | 3.7 |
Last updated on 08/12/2011
Latest research
SC72 making progress
Flash note | Oil & Gas | 25/11/2010
Appraising progress
Outlook | Oil & Gas | 14/04/2010
Fresh production
Review | Mining | 18/06/2008
Ready for growth
Review | Mining | 18/06/2007
Gas value uplift
Interim Review - Interim results | Mining | 26/09/2006
Good news on coal
Quarterly Update | Mining | 20/07/2006
Low cost reserves
Quarterly update | Mining | 23/03/2006
Starting to deliver
Interim Review | Mining | 28/11/2005
First Day of Dealings
First Day of Dealings | Mining | 01/08/2005
Investment summary
Forum has confirmed that revenues had reached $8.9m for the nine months to September 2011. This compares with the $7.5m for H111 and is well ahead of 2010 revenues of $6.1m. With favourable PSC terms, Forum receives 60% gross profit margins on its Galoc activities, providing a steady base to expand its more material development portfolio. Forum expects production from its Libertad gas field within SC40 to start in Q411, while further seismic recently acquired across additional SC40 prospects will help identify drill targets in 2012. However, the main valuation driver is the 70% interest in the SC72 block that contains the potentially multi-TCF Sampaguita field. Seismic processing is ongoing here, with interpretation expected in Q411. We currently carry Sampaguita at 126p within our RENAV of 145p.
Last updated on 09/12/2011
Industry outlook
The SC72 Sampaguita field is a potential company maker for Forum. In the context of the UK sector of the North Sea, a 3tcf find would be one of the largest in the last 25 years.
Last updated on 09/12/2011
Key management
Company address
| 120 Bridge Road Chertsey Surrey KT16 8LA United Kingdom +44 (0)1932 445 344 View website |
