FEC Resources Inc
PXP Energy Corporation 225,000,000
Asian Coast International 67,740,000
CEDE & Co 38,775,155
On March 23, 2017, PXP announced that it has increased its shareholdings in Forum Energy Limited (“FEP”) from 48.8% to 69.5% through a subscription for new ordinary shares. The Company did not participate in this financing transaction. There were no changes made to the board of FEP. The PXP investment resulted in the dilution of the Company’s interest in FEP from 18.42% to 8.03%
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.