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FEC Resources Inc. (FECOF)

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Last Post: 10/22/2016 9:48:03 PM - Followers: 81 - 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!
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
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.

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

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.

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.



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FECOF News: Annual and Transition Report (foreign Private Issuer) (20-f) 09/06/2016 01:45:29 PM
#7744   How many days the PHIL. president and his Nagasdog 10/22/16 09:48:03 PM
#7743   some people dont have a pair and some gnoonster 10/21/16 06:54:36 PM
#7742   I wonder... Nagasdog 10/21/16 03:46:29 PM
#7741   I don't get it. Why dump now? hanibal 10/21/16 03:31:10 PM
#7740   At trades section shows 5 sales, I wonder Nagasdog 10/21/16 02:38:36 PM
#7739   it is happening, the premature article in the gnoonster 10/21/16 07:57:00 AM
#7738   What China wants, China gets. Deal is eom7 10/21/16 07:55:08 AM
#7737   .016 WAG eom7 10/20/16 08:57:38 PM
#7736   I hope tomorrow will close more than .01 Nagasdog 10/20/16 08:33:32 PM
#7735   LOL exactly my thoughts hanibal 10/20/16 04:58:49 PM
#7734   can i just say...............anyone on this blog that gnoonster 10/20/16 04:53:02 PM
#7733   my guess................hmmmmmmmm...before the end of november gnoonster 10/20/16 04:51:47 PM
#7732   Some poor soul got impatient and hit the hanibal 10/20/16 04:13:41 PM
#7731   When do you suppose the agreement is to hanibal 10/20/16 04:12:53 PM
#7730   well i wont be holding out that long gnoonster 10/20/16 04:09:06 PM
#7729   i think at 7 i would sitting on capn00 10/20/16 04:04:50 PM
#7728 jonno1 10/20/16 03:43:39 PM
#7727   capn........edison published a report in 2012 stating if gnoonster 10/20/16 03:24:44 PM
#7726   it will keep going between now and signing/ gnoonster 10/20/16 03:22:36 PM
#7725   i know its big news.......and i REALLY know, gnoonster 10/20/16 03:21:53 PM
#7724   hello folks.. looking good again. fingers crossed they capn00 10/20/16 02:17:58 PM
#7723   looks thin to .016 - 100% from here.. eom7 10/20/16 12:57:43 PM
#7722   Bidders feeling it again. 0.008x0.011 hanibal 10/20/16 12:54:19 PM
#7721   Sub penny shares almost gone for good! eom7 10/20/16 12:38:15 PM
#7720   Someone wanted shares at open. 270K @ 0.008 hanibal 10/20/16 10:36:58 AM
#7719   this is a big news hain 10/20/16 10:34:55 AM
#7718   sounds as if inquirer story premature, Philex down gnoonster 10/20/16 05:44:10 AM
#7717 gnoonster 10/20/16 04:48:40 AM
#7716   hopefully , as i say Philex went up gnoonster 10/20/16 02:50:34 AM
#7715   Thu Oct 20, 2016 / 1:12am EDT Nagasdog 10/20/16 01:32:12 AM
#7714   It says they are meeting Thursday morning Beijing hanibal 10/19/16 05:50:05 PM
#7713   old news gnoonster 10/19/16 05:39:31 PM
#7712   Ahh, alright, thanks for setting me straight :P hanibal 10/19/16 05:37:26 PM
#7711   if you read the link i posted re gnoonster 10/19/16 05:36:40 PM
#7710   Just saw this hanibal 10/19/16 05:34:38 PM
#7709   Bidders, feeling it hanibal 10/19/16 02:46:50 PM
#7708   Huge news!!! I love they mention SC72 eom7 10/19/16 10:58:40 AM
#7707   "Impatience is the enemy of profit" hanibal 10/19/16 10:32:15 AM
#7706   when the official announcement is made before the gnoonster 10/19/16 10:20:55 AM
#7705   LOOKS LIKE NO ONE CARES ABOUT FECOF eugenecj 10/19/16 09:57:04 AM
#7704   yes i think so , certainly over the gnoonster 10/19/16 08:02:27 AM
#7703   Expecting some action today? hanibal 10/19/16 07:57:09 AM
#7702   PHILEX was up 20% earlier today with over gnoonster 10/19/16 06:50:27 AM
#7701 gnoonster 10/19/16 02:18:54 AM
#7700   BINGO!! gnoonster 10/19/16 01:51:37 AM
#7699   Until now all the news we read sounds Nagasdog 10/18/16 03:13:08 PM
#7698   “They may say they’ve reached consensus on jointly gnoonster 10/18/16 04:33:24 AM
#7697 gnoonster 10/18/16 04:19:07 AM
#7696   I see, thx. Will be watching :) hanibal 10/17/16 03:05:32 PM
#7695   well, if we see an agreement reached it gnoonster 10/17/16 03:01:59 PM