Forum puts lid on Basic acquisition

 12 April 2006 23:01 GMT

UK independent Forum Energy has completed its acquisition of Philippines minnow Basic Petroleum (BPMI), which will boost its exploration and production assets in the South-east Asian country, writes Amanda Battersby.

BPMI's assets comprise stakes ranging from 2.28% to 28.6% in nine offshore fields west of the Philippines Galoc, West Linapacan, Nido, Matinloc, Pandan, Bonito, Tara, Libra and North Linapacan.

Basic also holds a 27.7% interest in Service Contract (SC) 41 in the Sulu Sea, which contains the 1998 Hippo discovery and the Wildebeest, Zebra and Rhino prospects.

Forum will pay $5 million in a combination of cash and shares over the next year to acquire 100% of BPMI. Up to an additional $2 million will become payable if the assets produce more than…

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