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FEC Resources Inc. (FECOF)

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Last Post: 2/27/2017 11:32:04 AM - Followers: 83 - Board type: Free - Posts Today: 1

FEC Resources Inc. (“FEC” or the “Company”) was incorporated under the laws of Alberta, Canada and is
engaged primarily in the business of exploration and development of oil and gas and other mineral related
opportunities, either directly or indirectly through companies in which the Company invests.

 
Major Shareholders
Philex Petroleum Corporation 225,000,000 51.24%
CDS&Co 49,975,291 11.38%
CEDE & Co 38,783,960 8.83%
Asian Coast International 67,740,000 15.42%
Indexa Corp 30,000,000 6.83%  
 
O/S: 439,143,765
FLOAT: 27,644,514


The principal investment of FEC is a 24.05% stake in the UK company Forum Energy Plc (Forum) who are listed on the AIM market of the London stock exchange.
 
Forum Energy’s holdings
·         70% interest in Service Contract 72 (SC 72), an offshore license which contains the Sampaguita Gas Field as well as several additional oil and gas leads;
·         66.7% interest in SC 40 (Cebu), a service contract which contains the onshore Libertad Gas Field and Maya discovery and several other prospects
·         100% interest in Forum Energy Philippines Corporation, a company with varying interests in nine (9) offshore fields west of the Philippines including a 2.27% interest in the producing Galoc Field.
 
Forum’s principal asset is a 70% interest in the SC 72/GSEC101 offshore license located to the north west of the Philippine island of Palawan. The area is some 10,360 Km2 and contains the Sampaguita gas discovery which has expected gas in place of 3.4TCF and potential upside to 20 TCF (“Trillion Cubic Feet”). Potential unrisked reserve estimates for the seven prospects and three discoveries within the licenses initially acquired by Forum total some 900 mmbbls of oil equivalent or 5.5 TCF.
 
·Forum was planning the execution of the second sub-phase work program at SC72 which was expected to involve the drilling of up to two wells before August 14, 2013.
·On January 25, 2013 Forum announced that it was granted an extension until August 14, 2015 to complete the second sub-phase of SC72.

In addition Forum has a 2.27% interest in the producing Galoc field and a majority interest in Service Contract 40 which covers areas both on and offshore Cebu Island.
Latest news on Galoc flow rates!
NEW FLOW RATES FROM GALOC 5H WELL
12000BOPD x $100.00= $1200000.00 - 1.2 million x 365 days = 438 million dollars per year. 2% of which, is $8.7MIL.
Galoc 6H well will give us about another 6,000 a day barrels of oil for Forum/FECOF, that’s another $4.3MIL
$12 Million in revenues yearly!
 
The initial oil deliverability potential from Galoc-5H under
normal field operating conditions is expected to be between
8,000 and 12,000 bopd
The initial oil deliverability potential from Galoc-6H under
normal field operating conditions is expected to be between
4,000 and 6,000 bopd
http://www.ottoenergy.com/IRM/Company/ShowPage.aspx/PDFs/1987-50630452/Galoc5HWellSuccessfullyTested
http://ndo.live.irmau.com/IRM/Company/ShowPage.aspx/PDFs/1913-66609727/Galoc6HWellSuccessfullyTested
 
Latest News within the last few weeks!  Things are finally coming together quickly! We may hear news of a partnership and moving forward on SC 72 by the end of the year!
London-listed Forum Energy Plc, a unit of Philex, is holding talks with CNOOC, the Hong Kong-listed unit of China National Offshore Oil Company, for a possible joint venture to explore for oil and gas reserves in an area of the disputed South China Sea, a deal that may later lead to a production agreement, Energy Secretary Jericho Petilla said.
Service Contract 72 in the Reed Bank holds the Sampaguita field, which is estimated to have 20 trillion cubic feet of natural gas, dwarfing Malampaya, the Philippines' current sole gas producer with only about 2.7 tcf of gas.
http://www.startribune.com/business/228903891.html
http://uk.reuters.com/article/2013/10/23/philippines-southchinasea-idUKL3N0ID1W620131023

HOW MUCH IS SC72 WORTH? 
This article estimates how much 16TCF of gas is worth = $90 Billion.
Plus
There is the estimated 400 – 800 million barrels of oil... Add another $40 - $80 Billion

http://www.haaretz.com/print-edition/news/leviathan-natural-gas-reserve-said-worth-90-billion-1.334143 

What should FECOF be trading at?
Fep.l is worth $1.43 per share with 35mil shares outstanding. = $50mil market cap 
FECOF owns 24% of this company or $12mil.
If you took $12Mil and divided it by outstanding FECOF shares you are at $.0273, what FECOF should currently be trading around without any speculation on the gigantic potential of SC 72.

The money is already available
August 11th London-listed Forum Energy Plc, which is majority-owned by Philex Mining Corp., is spending up to $88.5 million to explore oil and natural gas prospects in disputed waters covering resource-rich Recto Bank. 
http://business.inquirer.net/137925/forum-energy-readies-exploration-in-recto-bank

The Lastest News

Forum Energy PLC Extends the Repayment Date of Current Loan Facility

The Board of Forum Energy announced that agreement was reached on November 21, 2013 with the Philex group of companies to increase and extend the repayment date of the current loan facility which was provided to the company's wholly-owned subsidiary, Forum Philippines Holdings Limited in 2010. The USD 15 million Facility, which was USD 10 million when first announced on 24 November 2010, and has been fully drawn down, has now been increased to USD 18 million. In addition, the repayment date for all amounts drawn under the Facility has been extended for three years to 24 November 2016. The terms of the Facility remain otherwise unchanged, with funds continuing to be borrowed at an interest rate of LIBOR + 4.5% and with Forum Energy remaining as the guarantor under the Facility. This increase in the Facility and the extension of its repayment date will continue to assist in funding Forum Energy's working capital requirements in advance of obtaining clarity as regards the ability for the second sub-phase of the SC72 work programme to continue.

 
Links
http://www.fecresources.com/
http://www.forumenergyplc.com/
http://www.otcmarkets.com/stock/FECOF/company-info

 

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FECOF News: Annual and Transition Report (foreign Private Issuer) (20-f) 09/06/2016 01:45:29 PM
PostSubject
#7873   http://www.atimes.com/mitigating-risk-us-beijing-conflict-south-china-sea/ gnoonster 02/27/17 11:32:03 AM
#7872   well Donald is lighting a few fires...........will he gnoonster 02/23/17 06:46:46 AM
#7871   China dont play to much.................. Nagasdog 02/22/17 03:09:13 PM
#7870   Nagasdog 02/22/17 03:07:34 PM
#7869   WASHINGTON, Feb 22 (Reuters) - China, in an Nagasdog 02/22/17 02:52:25 PM
#7868   China claims almost all the waters, which carry Nagasdog 02/22/17 02:50:55 PM
#7867   i have no idea, not sure what reaction gnoonster 02/16/17 02:06:31 PM
#7866   Sure is the insiders for some reason. Nagasdog 02/16/17 02:03:41 PM
#7865   its a 20 cent trade, THATS CENT!.......has no gnoonster 02/15/17 02:53:41 AM
#7864   RED AGAIN? Nagasdog 02/14/17 08:22:40 PM
#7863   Guessing they will bring this down to trips Jjanderson188 02/07/17 06:44:27 PM
#7862   you sometimes see this, my platform charges me gnoonster 02/07/17 03:57:04 PM
#7861   Who sold 512 shares, I think this is Nagasdog 02/07/17 03:17:40 PM
#7860   the Chinese CANNOT afford the US to slap gnoonster 02/07/17 01:39:13 AM
#7859   Will be a buyer when this goes trips again Jjanderson188 02/06/17 10:17:02 PM
#7858   China thinks that is the big boss in Nagasdog 02/06/17 09:22:06 PM
#7857   China sails warships near islands Mattis vowed to Nagasdog 02/06/17 09:09:00 PM
#7856   Mad Dog Mattis in SE Asia........not sure if gnoonster 02/02/17 10:11:11 AM
#7855   well we will soon see whether Trump will gnoonster 01/30/17 06:04:18 PM
#7854   Anything new guys? JohnnyBlaze 01/30/17 01:56:46 PM
#7853   the plot thickens..........who will blink first ?....... gnoonster 01/24/17 05:06:56 PM
#7852   if Trumps actions matches his rhetoric , it gnoonster 01/24/17 09:36:19 AM
#7850   Taiwan President Tsai Ing-wen called Trump, Trump answered sidedraft 01/23/17 04:53:07 PM
#7849   a quote today from the White House - gnoonster 01/23/17 03:15:03 PM
#7848   well let us see..........the world will change alot gnoonster 01/16/17 02:17:51 AM
#7847   I may takes to long for us to Nagasdog 01/14/17 12:07:37 AM
#7846   and so it begins!!!!!!!!!.........and about time!!! gnoonster 01/13/17 02:47:13 PM
#7845   i think holiday season over for the most gnoonster 01/12/17 11:06:10 AM
#7844   No one seems to care eugenecj 01/12/17 10:38:47 AM
#7843   Too quite from from FECOF Co, is anything Nagasdog 01/12/17 10:09:50 AM
#7842   just dumbing it down BUT [ and this gnoonster 01/04/17 08:38:46 AM
#7841   sorry Eugene that was my attempt at humor gnoonster 12/30/16 11:10:37 AM
#7840   Tax loss selling eugenecj 12/29/16 01:17:53 PM
#7839   whats tax??? gnoonster 12/29/16 01:14:34 PM
#7838   Nice to see NO tax selling!!!! eugenecj 12/29/16 10:32:33 AM
#7837   Happy Holidays and Happy New year to all. Nagasdog 12/27/16 03:31:00 PM
#7836   HAPPY HOLIDAYS TO ALL eugenecj 12/25/16 08:54:14 PM
#7835   Sounds like a good chance of approval eugenecj 12/20/16 01:50:02 PM
#7834   http://www.sunstar.com.ph/manila/local-news/2016/12/20/palace-no-policy-yet-join gnoonster 12/20/16 12:51:58 PM
#7833   i hope tomorrow too, I think this week Nagasdog 12/18/16 06:00:57 PM
#7832   ODD action Friday eugenecj 12/18/16 01:02:16 PM
#7831   ODD action Friday eugenecj 12/18/16 01:02:16 PM
#7830   sounds like this might drag on a wee gnoonster 12/12/16 12:57:48 PM
#7829   Thanks! eom7 12/09/16 02:40:28 PM
#7828   well here is the link if you want gnoonster 12/09/16 02:25:45 PM
#7827   When do they vote? eom7 12/09/16 01:07:40 PM
#7826   Gooooood........ Nagasdog 12/08/16 11:51:53 AM
#7825   a deal HAS been agreed with the Chinese gnoonster 12/08/16 04:50:17 AM
#7824   Sorry, I dont understand it, the senate has Nagasdog 12/08/16 01:24:46 AM
#7823   senate hearings start today re amendment to constitution gnoonster 12/07/16 11:50:39 AM
PostSubject