Forum gets green light for BPMI buy

Bigger stake: for Forum Energy in the Philippines

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Bevis Yeo

 06 April 2006 00:50 GMT

UK independent Forum Energy’s $5 million bid for Filipino minnow Basic Petroleum & Mining (BPMI) has been approved by the Philippines Department of Energy.

Shareholders of BPMI's parent company Basic Consolidated have also given their nod to the transaction.



The acquisition will give Forum initial net production of about 40 barrels per day of oil and various interests in nine fields with the potential to add both reserves and output.



Forum will pay the purchase price with $2.2 million in cash and more than 1.3 million shares worth about $2.8 million.



The company may also make further payments of up to $2 million to Basic Consolidated if the acquired interests produce more…

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