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FEC Resources Inc. (FECOF)

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Last Post: 8/17/2017 9:25:59 AM - Followers: 83 - Board type: Free - Posts Today: 3

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
Nov 21 13

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) 03/30/2017 06:07:22 AM
PostSubject
#8155  Sticky Note Duterte’s favorite tycoon rings a golden bell MWM 08/06/17 08:54:47 AM
#8206   well eom7 , its seems based on todays gnoonster 08/17/17 09:25:58 AM
#8205   Step 2 is close... then we really move. eom7 08/17/17 09:11:20 AM
#8204   Step 2 is close... then we really move. eom7 08/17/17 09:11:19 AM
#8203   based on those two articles today we might gnoonster 08/16/17 03:51:54 PM
#8202   Yes and the course will also move up again hain 08/16/17 03:42:19 PM
#8201   all looks for positive Hain, hopefully we can gnoonster 08/16/17 03:17:01 PM
#8200   PXP Energy revives talks with Chinese counterparts hain 08/16/17 03:05:12 PM
#8199   yep thats what i have been saying for gnoonster 08/16/17 02:03:04 PM
#8198   They are fast, because malampaja is soon empty hain 08/16/17 01:38:07 PM
#8197   http://news.mb.com.ph/2017/08/16/cayetano-joint-exploration-with-china-has-duter gnoonster 08/16/17 01:25:58 PM
#8196   Hain, lets hope it is all true , gnoonster 08/16/17 11:50:46 AM
#8195   Philippines Says China Agrees on No New Expansion hain 08/16/17 10:50:33 AM
#8194   http://globalnation.inquirer.net/159706/house-of-representatives-joint-explorati gnoonster 08/15/17 02:17:18 AM
#8193   thanks Hain , i posted the link earlier, gnoonster 08/14/17 07:55:45 AM
#8192   Manila: Foreign Secretary Alan Cayetano said hain 08/14/17 05:59:46 AM
#8191   its only real IF moratorium lifted and JV signed gnoonster 08/12/17 10:17:51 AM
#8190   Nothing is chump change,it's all too real eugenecj 08/10/17 04:42:59 PM
#8189   its chump change....... we all know what is gnoonster 08/09/17 04:32:41 PM
#8188   Looks like Cantor back with another 1 mill eugenecj 08/09/17 04:07:28 PM
#8187   well we might make it back , would gnoonster 08/08/17 09:28:42 PM
#8186   Sounds right, from 37% to 8%, sweet deal... lol JohnnyBlaze 08/08/17 09:26:36 PM
#8184   to be or not to be ...................somebody else gnoonster 08/08/17 11:03:53 AM
#8183   To drill or not to drill hain 08/08/17 10:31:20 AM
#8182   http://bilyonaryo.com.ph/2017/07/26/pxp-shares-rise-china-backs-proposed-joint-e gnoonster 08/08/17 07:58:24 AM
#8181   http://bilyonaryo.com.ph/2017/08/04/mvp-duterte-lift-moratorium-oil-gas-prospect gnoonster 08/08/17 07:55:30 AM
#8180   been the same things for the last 5 gnoonster 08/08/17 12:01:16 AM
#8179   https://investorshub.advfn.com/boards/read_msg.aspx?message_id=133550654 eom7 08/07/17 11:24:14 PM
#8178   really ??.............there is ONLY 1 step .........and we gnoonster 08/07/17 11:22:43 PM
#8177   Step 1 - completed. eom7 08/07/17 11:12:27 PM
#8176   well hope it doesnt stop at platform 9 3/4 gnoonster 08/07/17 05:48:42 PM
#8175   Before the train starts !!!! hain 08/07/17 01:45:30 PM
#8174   nothing is agreed yet, but of course i gnoonster 08/07/17 10:18:12 AM
#8173   Can't wait for the drilling to start. Been edward1981 08/07/17 10:11:19 AM
#8172   ...and green numbers from now on? Nagasdog 08/07/17 12:36:56 AM
#8171   I think more good news will release this week. Nagasdog 08/06/17 11:15:52 PM
#8170   dont worry about it gnoonster 08/06/17 08:02:29 PM
#8169   Ha, just realized I was totally confused on MWM 08/06/17 07:34:18 PM
#8168   its all over the papers .............. hopefully we gnoonster 08/06/17 07:02:40 PM
#8167   who will blink first .......hopefully the two Govts gnoonster 08/06/17 07:01:06 PM
#8166   Oil, gas exploration in SCS could resume soon hain 08/06/17 05:30:21 PM
#8165   well my view as previously stated , if gnoonster 08/06/17 01:36:32 PM
#8164   it was johnny 37% if memory serves me gnoonster 08/06/17 01:34:34 PM
#8163   Actually it was over 30% once upon a time... JohnnyBlaze 08/06/17 12:33:16 PM
#8162   And that is what I was trying to find? MWM 08/06/17 11:18:04 AM
#8161   well mate we now have 8% of the gnoonster 08/06/17 10:03:09 AM
#8160   I'm aware it's an old story lol! But MWM 08/06/17 09:55:35 AM
#8159   well this code of conduct IS only to gnoonster 08/06/17 09:53:52 AM
#8158   old story MWM referring to our dilution earlier gnoonster 08/06/17 09:43:33 AM
#8157   So after reading that last article stating MWM 08/06/17 09:09:32 AM
#8156   JESUS this is a good read too! MWM 08/06/17 09:05:52 AM
PostSubject