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FEC Resources Inc. (FECOF)

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Last Post: 9/25/2016 3:46:13 AM - Followers: 79 - 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
#7653   http://www.reuters.com/article/us-philippines-china-japan-idUSKCN11T04D?il=0 gnoonster 09/25/16 03:46:13 AM
#7652   PH president will visit China Oct. or Nov. Nagasdog 09/24/16 06:07:34 AM
#7651   i doesnt matter what we know , its gnoonster 09/23/16 09:14:10 AM
#7650   I think tomorrow will go .003 up. As Nagasdog 09/22/16 11:29:38 PM
#7649   Gnoonster, this is the best news, thank you. Nagasdog 09/21/16 09:24:19 PM
#7648   http://themaharlikan.info/world/china-gave-up-their-own-south-china-sea-rights-w gnoonster 09/21/16 08:24:49 AM
#7647   i think you are basing that on not gnoonster 09/16/16 10:28:13 AM
#7646   I think there will not be any news soon. Nagasdog 09/16/16 04:08:53 AM
#7645   it will be what it will be..........nothing would gnoonster 09/11/16 09:05:58 AM
#7644   I hope within a month will make officially Nagasdog 09/10/16 02:50:33 PM
#7643   haha........well it is known in the west as gnoonster 09/09/16 05:12:38 AM
#7642   Gnoonster, do you think I have to start Nagasdog 09/08/16 10:11:21 PM
#7641   Chinese Premier Li Keqiang told Philippines President Rodrigo Nagasdog 09/08/16 10:03:31 PM
#7640   Wed Sep 7, 2016 5:21pm EDT Nagasdog 09/07/16 06:12:50 PM
#7639   yep the law is clear and the Chinese gnoonster 09/07/16 11:46:12 AM
#7638   Obama urges China to stop flexing muscles over Nagasdog 09/07/16 03:56:02 AM
#7637   China needs to be a more responsible power Nagasdog 09/07/16 03:53:51 AM
#7636   http://www.upi.com/Top_News/US/2016/08/30/White-House-Obama-to-meet-with-Philipp gnoonster 09/04/16 11:55:28 AM
#7635   Philippines worried, says more Chinese boats spotted at Nagasdog 09/04/16 05:43:09 AM
#7634   U.S. President Barack Obama on Saturday pressed his Nagasdog 09/03/16 04:54:04 PM
#7633   You can't talk about behind the scenes meetings eugenecj 09/02/16 11:15:58 AM
#7632   i can tell you i am negotiating to gnoonster 09/02/16 02:45:24 AM
#7631   I say the same thing, something is cooking. Nagasdog 09/01/16 05:46:57 PM
#7630   plenty happening behind the scenes which i cant gnoonster 09/01/16 09:51:40 AM
#7629   Sound good, Thank you and we hope. Nagasdog 08/29/16 10:18:59 PM
#7628   http://www.rigzone.com/news/oil_gas/a/145666/Philex_Seeks_Foreign_Partner_to_Exp gnoonster 08/29/16 10:24:44 AM
#7627   possibly , one never knows for sure, but gnoonster 08/19/16 09:49:01 AM
#7626   I don't Like the last 2 reports the Nagasdog 08/18/16 10:32:23 PM
#7625   Japan and the Philippines have begun talks for Nagasdog 08/17/16 01:33:19 AM
#7624   SOUTH CHINA SEA / Wed Aug 17, 2016 Nagasdog 08/17/16 01:28:19 AM
#7623   China and a grouping of Southeast Asian nations Nagasdog 08/17/16 01:27:21 AM
#7622   well i hope we will have at least gnoonster 08/16/16 04:29:58 AM
#7621   I think all sounds good, the only question Nagasdog 08/16/16 03:28:20 AM
#7620   Indonesia is actively involved in resolving territorial disputes Nagasdog 08/16/16 03:23:19 AM
#7619   WORLD NEWS / Fri Aug 12, 2016 12:54am EDT Nagasdog 08/12/16 01:43:43 AM
#7618   WORLD NEWS / Fri Aug 12, 2016 12:54am EDT Nagasdog 08/12/16 01:43:42 AM
#7617   as i said previously discussions and meetings already gnoonster 08/09/16 06:01:09 AM
#7616   This one of 8/9 Tue.early morning sound good? Nagasdog 08/09/16 03:09:38 AM
#7615   World / Tue Aug 9, 2016 2:30am EDT Nagasdog 08/09/16 03:07:58 AM
#7614   Thank you Gnoonster Nagasdog 08/08/16 10:30:14 PM
#7613   i am reliably informed reasonably detailed discussions taking gnoonster 08/08/16 11:36:22 AM
#7612   World / Sat Aug 6, 2016 6:26am EDT Nagasdog 08/06/16 05:12:02 PM
#7611   China still have a big beef with the gnoonster 08/06/16 06:25:04 AM
#7610   This Saturdays new report beside Japan and China Nagasdog 08/06/16 02:29:27 AM
#7609   World / Sat Aug 6, 2016 1:38am EDT Nagasdog 08/06/16 02:25:21 AM
#7608   gnooster, good post good report, thanks Nagasdog 08/04/16 11:31:46 PM
#7607   good Stuff (-: hain 08/04/16 09:48:22 AM
#7606   Nice post - thanks! eom7 08/04/16 08:18:19 AM
#7605   this is more nearer the truth, of course gnoonster 08/04/16 06:23:31 AM
#7604   fundamentally IF PI and China cant come to gnoonster 08/01/16 08:59:12 AM
PostSubject