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forte energy nl (FTGZF) Snapshot

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forte energy nl (FTGZF) Details

Forte Energy NL focuses on the exploration, evaluation, and development of uranium and energy-related projects worldwide. It holds 10 uranium exploration licenses covering an area of approximately 9,925 square kilometers located in the Republic of Mauritania comprising the A238 prospect and Bir En Nar project; and 4 permits for uranium and rare earth elements covering 847 square kilometers in 2 separate concession areas, including the Firawa and Bohoduo in the Republic of Guinea, West Africa. The company, formerly known as Murchison United NL, was incorporated in 1984 and is based in West Perth, Australia.

Founded in 1984

forte energy nl (FTGZF) Top Compensated Officers

Chief Executive Officer, Managing Director an...
Total Annual Compensation: A$189.1K
Chief Operating Officer
Total Annual Compensation: A$239.7K
Company Secretary
Total Annual Compensation: A$135.5K
Compensation as of Fiscal Year 2013.

forte energy nl (FTGZF) Key Developments

Forte Energy NL Announces Consolidated Financial Results for the Half Year Ended December 31, 2013

Forte Energy NL announced consolidated financial results for the half year ended December 31, 2013. For the period, the company reported revenue of AUD 94,245 compared to AUD 101,460 a year ago. Loss before income tax was AUD 1,051,863 compared to AUD 1,456,956 a year ago. Loss after income tax was AUD 1,063,732 compared to AUD 1,475,965 a year ago. Net loss for the period was AUD 1,063,732 compared to AUD 1,475,965 a year ago. Basic and diluted loss attributable to the ordinary equity holders of the company was 0.09 cents compared to 0.17 cents a year ago. Net cash flows used in operating activities was AUD 931,764 compared to AUD 1,141,658 a year ago. Payment for purchase of equipment was AUD 17,300 compared to AUD 15,550 a year ago. Payment for exploration and evaluation expenditure was AUD 611,479 against AUD 1,506,258 a year go.

Forte Energy NL Reports Cash Flow Results for the Fourth Quarter Ended December 31, 2013

Forte Energy NL reported cash flow results for the fourth quarter ended December 31, 2013. For the quarter, the company reported net operating cash outflows of AUD 1,034,000 compared to AUD 1,600,000 for the last year.

Forte Energy Initiates Strategic Review

Forte Energy NL (ASX:FTE) has initiated a strategic review and strict cost control program in order to best manage the business in the current challenging environment. As a part of this move, there has been a 40% and 50% reduction in the Chairman and Managing Director fees respectively. "As previously announced the board continues to explore a number of strategic opportunities that have become available in the current depressed uranium environment, in consultation with the company's largest shareholders", Forte Energy told investors in a statement. Forte Energy has been concentrating on the assessment of external strategic opportunities in the market, with a view to building on the significant organic growth already achieved by Forte Energy to date and diversifying its asset base. The Board believes that this provisional strategic shift from further exploration to corporate activity is in the best interests of all stakeholders, given the current market conditions, and it is pleased to have the full support of the Forte Energy's largest shareholders.

 

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