anyone got any ideas about the block trades that went through today?

website: http://www.sterlingenergyplc.com/



weather: www.nhc.noaa.gov/refresh/graphics_at4+shtml/084938.shtml?50wind120

This seems clever management to me --but when do we expect to see the sp reflecting the prospects it's been dull lately and the recipes will start creeping back. I'm off for lunch!!

I'm quite happy with the deal. Forum have the experience it seems from operating in that area so let them get on with it. A decent deal that adds to the overall picture at SEY.

Killik's take on this mornings news:

Sterling Energy Joint Venture



Sterling Energy has injected its GSEC 101 license (lying offshore Philippines) into a new company called Forum Energy in which it will take a 23% stake. Forum has been created to house various Philippines interests from Sterling and Forum Energy Corporation, a NASDAQ listed company, and the UK business will now seek a listing on AIM. Two directors of Sterling Energy will join the board in a non-executive capacity.



The GSEC 101 license has been in the Sterling portfolio since 2002 and has often been overlooked given the success the group has had in its West African exploration portfolio. However, potentially, it could be very exciting although little value can be credited at this early stage. Sterlings stake in Forum is valued at the pre-IPO stage at 4 million. The pooling of resources with Forum could well allow the economics of the site (hampered by its stranded location) to be improved and the potential upside is high. This looks an innovative route to extracting value from a license which was in the books of Sterling for very little.

SWW,

thanks for the tech update, and I too thought SEY would never develop this asset themselves.


Proptrade,

If you get any warmer, you'll be roasting! LOL!

Seems like the market has a nuetral view thus far.

The Forum press release today:

Press Release Source: Forum Energy Corporation


Forum to Participate in Significant Philippine Gas Asset Through Joint Venture With Sterling Energy Plc
Monday April 25, 8:33 am ET


CALGARY, Alberta, April 25 /PRNewswire-FirstCall/ -- FORUM ENERGY CORPORATION (OTC Bulletin Board: FRUEF, Frankfurt/Munich: FE8) ("Forum" or "The Company") reports the previously announced Joint Venture transaction has been completed, subject to formal shareholder approval, through the formation of a new company named "Forum Energy Plc".
The new company has been specially created by Forum Energy Corporation and Sterling Energy Plc to combine and manage the energy assets of both companies in the Philippines. Both Forum and Sterling will vend their respective Philippine assets into the new company, in return for pre-negotiated equity stakes.

Sterling will transfer to Forum Energy Plc an oil and gas license situated offshore North West Palawan known as GSEC101 (Reed Bank), located in the South China Sea, Philippines. The license contains the Sampaguita gas discovery. In a recent assessment PGS Reservoir Consultants (UK) Limited estimated the potential gas reserves of the Sampaguita field to be approximately 2.3 TCF (trillion cubic feet).

Forum Energy Corporation will transfer to the new company its 66.67% interest in Forum Exploration Inc., which includes oil and gas license SC40, onshore and offshore of the northern portion of the island of Cebu, Philippines, as well as the Central Cebu and Southern Cebu coal operating contracts (COCs).

Following the transfers, the new company will apply for admission to the Alternative Investment Market (AIM) of the London Stock Exchange. Forum Energy Plc has already received pre-IPO commitments for 3.4 million pounds sterling (c. US$6.5 million). The funds have been raised through an institutional placement brokered by Noble & Company of London & Edinburgh. The investors will acquire approximately 20% of the new company.

Following the pre-IPO placement, Forum Energy Corporation's stake in the new company will be approximately 57%, whilst Sterling will hold an approximate 23% stake. The pre-IPO placement initially values the new company at 17 million pounds sterling (c. US$32.5 million).

"We are delighted that Forum Energy Plc's pre-IPO fundraising efforts have already resulted in 3.4 million pounds sterling (c. US$6.5 million) of commitments. The transaction with Sterling Energy will provide Forum Energy Corporation with the means to fast-track development of its Philippine assets, through access to the London market along with the additional exposure to GSEC101, a natural gas prospect with world-class potential. We are also very pleased to be working with a company such as Sterling Energy, which has an excellent reputation and track-record. We are confident that this transaction will add significant value to the company," commented David Robinson, CEO.

The transaction is to be finalized on May 18th 2005 following an Extraordinary General Meeting of Forum Energy Corporation's Shareholders. Shareholders of record as at April 18th have been invited to attend the meeting. At the meeting shareholders will also be asked to approve a name change from Forum Energy Corporation to FEC Resources, Inc.


Further news will be released as appropriate.

FORUM ENERGY CORPORATION
"David R. Robinson"
President & CEO
This release contains "forward looking statements" as per Section 21E of the US Securities and Exchange Act of 1934, as amended. Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Management is currently reviewing many options and there is no assurance that they will not make decisions other than those now contemplated. The Company is subject to political risks and operational risks identified in documents filed with the Securities and Exchange Commission, including changing and depressed oil prices, unsuccessful drilling results, change of government and political unrest in its main area of operations

For more information please contact David Robinson at 403-290-1676 e-mail enquiries@forumenergy.com or visit the Forum Energy website at www.forumenergy.com

Contact: David Robinson of Forum Energy Corporation, +1-403-290-1676, or enquiries@forumenergy.com.




--------------------------------------------------------------------------------
Source: Forum Energy Corporation

Thanks SWW and gavdfc for the posts and everyone else for the commentary.

I am quite intrigued by the coal assets, not to be overlooked lightly with current oil price.

Overall an intelligent way to re-focus away from an inaccessible field of operations to the main events in GoM and W. Africa whilst standing to take advantage of the upside from Phillipines. I assume Harry got a good price, although the 4m is neither here nor there to the current 240m market cap of SEY.

Basically a good move to consolidate/rationalise the company's strategy which will have long-term benefit, if not much visibly in the short-term.

SD

nice summation SD

Good post Stock Dog. Thanks to all for the posts on this board, makes the board what it is. Just had it confirmed by SEY that the date for the prelims is the 9th May.

Interesting day it will be too, gavdfc

Proptrade,

Any chance of putting a chart in the header please?

TIA,

Andy.

Prop seems like this thread that you started is here to stay.

In ten years time, I promise I will go back and read all the posts, get the best recipes, and publish a book with all of your permissions of course.

Agreed SD, looking forward to reading the results.

will post the chart as requested..

on to SWW's post, feel free to research the thread and extract the recipies but i expect a cut of the tv and film rights...

by the way in ten years time shall we meet on your island or mine!

rgds
PT

rsi looking good by the way...

Prop,

Thank you!

anything else Andy, a cup of tea perhaps?!

If someones making the tea put me down for a cup, milk and no sugar please! RSI does seem to be low and the 17p level looks like a support line, its bounced from there a few times. Is also on the 200ma, a bounce perhaps.

for those charty chaps it does look pretty good from here to launch to 20+

Results out in 13 days also so perhaps a bit of a run up from here.

gavdfc - agree 17p has been a recent support and is now coincident with the rising 200ma which is virtually the lower trend line apart from the natural aberration whenthe 97m was placed at the turn of the year. So we should see some support here from which we bounce up 3p to yor 20p figure.

Just watch out in this uncerain market for a break below the 17p level which would be a rapid sell for safety, I think, buying in again at the 14.5p level??

SD

2.5 million T trades last thing today.

The big boys are still hoovering up the small retail sales in bulk.

If it does go to 14.5 again I will take out a second motgage.............to buy all I can.