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FEC Resources Inc. (FECOF)

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Last Post: 3/22/2017 2:14:30 PM - Followers: 83 - Board type: Free - Posts Today: 0

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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#7945   Back to as usually? This means no news Nagasdog 03/22/17 02:14:30 PM
#7944   Somebody posted yesterday if there is any progres Nagasdog 03/20/17 04:21:12 PM
#7942   Not sure what you mean but i am Nagasdog 03/18/17 05:54:08 PM
#7941   Your trade confirmation is available online irishintelligence 03/18/17 10:50:03 AM
#7940   Yep, it is even more interesting if that eom7 03/17/17 03:21:44 PM
#7939   I think he knew what he did..... Nagasdog 03/17/17 03:13:35 PM
#7938   MVP eyes new talks with CNOOC over Reed hain 03/17/17 11:41:07 AM
#7937   Some investor just bought 400K+ at .018! eom7 03/17/17 11:39:01 AM
#7936   http://www.chinausfocus.com/upload/2015/07/201507221744_YYP9H6t1Dsnqzx.jpg irishintelligence 03/16/17 10:39:10 AM
#7935   South China Sea / Wed Mar 15, 2017 hain 03/16/17 09:51:26 AM
#7934   I believe the agreement is coming soon. Nagasdog 03/15/17 06:14:54 PM
#7933   i wonder................http://globalnation.inquirer.net/153331/chinese-vice-pre gnoonster 03/15/17 04:54:42 PM
#7932   Was this in the morning a trick or Nagasdog 03/15/17 04:04:37 PM
#7931   The highest the last 3 years, I dont Nagasdog 03/15/17 01:25:12 PM
#7930   But the bit still the same .0025 Nagasdog 03/15/17 10:45:42 AM
#7929   What just happened?? eugenecj 03/15/17 09:48:35 AM
#7928   Do my DD for me? irishintelligence 03/14/17 11:33:20 PM
#7927   I am happy to keep adding at these eom7 03/14/17 10:50:45 PM
#7926   BOYS.KEEP IT CIVIL eugenecj 03/14/17 07:27:44 PM
#7925   I know you have been around this board irishintelligence 03/14/17 06:32:37 PM
#7924   Deep. 1/2 of 1/2 of 1/2 your wasting eom7 03/14/17 06:04:10 PM
#7923   I went back to late 2013 and did irishintelligence 03/14/17 05:57:58 PM
#7922   I've already done all the calculations long ago. eom7 03/14/17 05:29:13 PM
#7921   When did I say no value? irishintelligence 03/14/17 04:06:30 PM
#7920   You guys It looks and I hope there Nagasdog 03/14/17 03:47:32 PM
#7919   Japan to send largest warship to South China Sea Nagasdog 03/14/17 03:45:42 PM
#7918   TOKYO, March 13 (Reuters) - Japan plans to Nagasdog 03/14/17 03:44:30 PM
#7917   So you went from no value to $1.20/share... lol eom7 03/14/17 03:19:24 PM
#7916   Holy crap, talk about getting told hanibal 03/14/17 02:26:23 PM
#7915   Source: https://www.sec.gov/Archives/edgar/data/849997/000159406216000597/form20 irishintelligence 03/14/17 01:41:19 PM
#7914   THAT IS ENOUGH GUYS!!!!!!!!!!! eugenecj 03/14/17 01:34:11 PM
#7913   then DONT take me seriously fool ....................now go gnoonster 03/14/17 01:31:41 PM
#7912   You can keep deflecting if you like, but irishintelligence 03/14/17 12:55:33 PM
#7911   you have studied the stock for 6 hours gnoonster 03/14/17 11:50:47 AM
#7910   Again, no numbers from you, but why? irishintelligence 03/14/17 11:23:43 AM
#7909   if anyone tries to buy any volume it gnoonster 03/14/17 10:00:55 AM
#7908   if there is no value in it why gnoonster 03/14/17 09:58:23 AM
#7907   Good news we have posters looking for some eom7 03/14/17 09:52:43 AM
#7906   I visited the Ihub of the Philippines, the irishintelligence 03/14/17 08:38:46 AM
#7905   it will probably be a jolibee gnoonster 03/14/17 03:34:04 AM
#7904   i dont want to post to much here, gnoonster 03/14/17 03:10:35 AM
#7903   These are the articles of the three Reuters Nagasdog 03/14/17 12:41:24 AM
#7902   President Donald Trump will reportedly host Chinese President Nagasdog 03/14/17 12:40:10 AM
#7901   Wary of China, Duterte tells navy to build Nagasdog 03/14/17 12:39:09 AM
#7900   Japan to send largest warship to South China Sea Nagasdog 03/14/17 12:38:22 AM
#7899   Where is the link to the article? sidedraft 03/14/17 12:29:23 AM
#7898   Today's 3 reports from Reuter, any good and Nagasdog 03/13/17 11:47:10 PM
#7897   MANILA, March 13 (Reuters) - Philippine President Rodrigo Nagasdog 03/13/17 11:40:10 PM
#7896   TOKYO, March 13 (Reuters) - Japan plans to Nagasdog 03/13/17 11:33:57 PM
#7895   WASHINGTON, March 13 (Reuters) - U.S. President Donald Nagasdog 03/13/17 11:31:21 PM
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