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ZERO VOLUME
this could be taken either way........#1 .Nobody wants to buy this or can't...even at this supposedly low price if 3.4tcf is true.....or #2 the <small> shareholders holding this position refuse to sell for anything less than a profit.....
ex:
looks like theres a sell order other than a market maker lingering at 8 cents. That means we are holding tight for open sell orders at 8 cents or above.
I think the latter should be true.......Even FEP has ridiculous low volume...<Aim restrictions dont help as well as the tax codes there>..they simply dont know how to profit from sc72 and theres not enough exposure for it in the INVESTMENT COMMUNITY........i see coverage on some philipino energy news but thats about it.
These stocks can definitly rocket skyward and return 1000% rather shortly , when and IF they anounce all the positives we keep hearing about. I can see this, possibly, gapping up at 25 cents on news day.
This theory only holds right if there is some valid reason Philex itself isnt buying shares in the open market.......on the surface you can argue the lack of buying is due to Philex knowing that theres not much there........but there is a good chance on the flip side that they might be restricted from buying shares now until they anounce the report...to avoid being charged with a form of insider trading...........Dont really know for sure.i can only hope the latter is true....It looks like most of us have filled our coffers with the maximum amount of fecof shares since nobody added today....we really need new investors.and a STRONG MARKETING campaign if they do anounce news of 3TCF in a SERVICE CONTRACT ready to go......It will get even more coverage if shell or chevron picks up the partnership and pastes it on its news websites.
glta
yup....
04 cents.......up more than 50% on less than 3 thousand dollars trading hands..
I'm sure there are thousands of companies who wish they could add millions to their market cap on just 3 thousand dollars worth of sharebuybacks.......
Bad thing is this can just as easily close back at .029 before the day is over on such light volume.
we will see more volatility from now on....but the good news is if there is very good news to be anounced.it will easily hit 30 to 40 cents in just days......if its not good you wont be able to get out of it.
glta
anyone notice the big swings in oil price the last two days?dropped from like 110 a day ago.......... to around 97 before edging back up , not that i'm worried about oil prices dropping somewhat......i think it has to do with the dollar stregthening against the euro a little bit....but also with some talk...probably a bluff...that they will ask for a higher reserve<premium> when speculating in commodities (including oi) as to get the speculators out from making the price of oil rise so much. it seems to have worked to bring silver down.
i didnt see the .085 ask....but i don't doubt it..........what most likely happened was that the single market maker on this stock went out for a cigarette break since he was falling asleep trading this stock.and the ask got filled while his other one is much farther away for safety on his spreads.
yes,,,technnically you are right....the old report from many years ago said 3.4tcf is proven...
I for one want it to either be proven again "verified" with the new 3d tech that will more accurately tell us whats really proven..what we can actually get to, and maybe an even better idea as to where we need to drill if its geological formations in that specific area will allow us. Malampaya being so close and a good comparable gives good reason to be hopeful..........but by all means is no guarantee.
Just as this newer tech showed the gold mine to be a bust years later.........maybe this newer tech will reveal something less worthy than hoped for before.....
I hope for the best...all 20 tcf ....and recovering all 100% of it although that would be a first in this industry. Dare i say impossible.
this newer tech might reveal that the 3.4tcf was miscalculated..that its only 1.5 tcf........or maybe reveal that its 5tcf but make it visible that its not accessible........maybe only .5 tcf is accessible....
And in a perfect world where everything works out for the little investors we find 30tcf since we mapped a bigger area........We dont know and we wont fully know until we go thru phases.
the price action before the report is due on this has me bothered, but its not a regular stock so i will give it the benefit of the doubt.
I will hope for the best like you do but i will brace for the worst.
glta
p.s.....heres an honest question........why did the previous company sell their 3.4tcf well to FEP for much less?
yes.....from your mouth to gods ears....would love it to turn out the same way....even hallf as good would still be great,,,,all those revenues annually are a watershed.
But malampaya is proven...verified...working..etc............and sc72 isnt proven yet....i surely hope it is soon...........those numbers can easily make me a millionaire.....lets see if it really is 3.5tcf...................and then also....it still will take lots of time and in phases.....maybe even years before we get to a dollar if ever possible..but at 3 cents the return is worth the wait....... if the drilling goes well to actually get to it. GLTA
"I guess my unique version of human nature requires me to think through the issues without any spastic jerking of my knees... rather than requiring that I emote about it first ? LOL!"
I simply cant afford a psychiatrist in this recession...so this is why i emote on the board sometimes....so i can get a free session with you to work out my problems and doubts as they come up....if you want to send me a bill for services you will have to wait for fecof to return a profit for me above 6 cents otherwise i cant help you. and yes my knee surely did jerk when i heard the lascogan news...not for the 3% in revenues it would represent in this company...but on the credibility on managment and the company itself....yes...different holdings, so you are right....judging fep based on Lascogan is a bad assumption....I was wrong for doing that....thanks for helping me sort it out in my head.........I am investing in FEP now thru fecof and not at all in Fecofs managment from now on....I will continue to hold this because FEP is not Fecof, but just a ways to a means of something hopefully big.
i would be using private messages if it wasnt charged on me as to avoid flooding this board with my posts........
So i will restrain after this one.............until their anouncement is finally made...hopefully it should be less than a month from now and could be released anyday giventhe assumption that the need 3 months total to give readings onthese things....and i'm just taking a posters word on that, don't really know how long it really takes and the Company sure as hell didnt give us a time frame on their anouncement either.
I dont want to sway anyones opinion or holding on this stock...I'm just venting with disappointment and frustration.I'm still long but i will surely avoid doing this again when i could have easily bought apple stock for less than 100 2 years ago....actually i did...but sold it at 130 like an impatient fool.....and in my Bizzaro world ive shown more patience for this one just to see if i can lay claim that i too once had a 10bagger..1000% return...anyways...good luck and good bye.
very good points kentcrek............but allow me to be somewhat bitter and less trusting going forward after lascogan's bust......its better to have your guard up than to be overly optimistic.......i'd rather be pleasantly suprised.....
If i just kept this to 5% of my holdings I wouldnt be so nervous.....it now represents 25% of my holdings and I blame myself..........but those reports on lascogan sure did seem rosy in the beginning......especially with gold hiting alltime highs... tripling in 4 to 5 years.....
Yes , the data on fep was done independently,,,,,and them lieing about it or being on the take is a conspiracy theory but its happened before with other companies....Its a slim chance but i wont rule it out. I'm still betting on the upswing i just feel much less confident about it now. Still taking the risk though......I hope they anounce soon so i can sleep better one way or another.
this stock goes back a long ways and i've heard stories of how misleading and neglectful to shareholders theyve been in the past. Has anyone ever gotten their e-mails from investor relations replied back? i dont know of anyone yet. The opportunity seems to have changed with this company's holding in FEP, I just hope its not an illusion based on what they will claim later to be false reading or inaccurate data done years ago.
They Blew off lascogan as a bust and didnt even bother to put it on their inexpensive website. Not very professional at all.
"if you question their judgment even about what things to NOT pursue when they have other opportunities... why would you have ever found it useful to think putting your money at risk in an investment with them was a good idea ? "
thats a fair question.........I simply got excited again about the prospects of sc72 becoming a service contract with all that gas in there.ontop of what ive thought for years to be a near future profitable gold mine.........the labor theres is the cheapest in the world......you could mine it out the old fashion way the way prospectors did,,,,but there nothing there so They should have called it a hole in the ground..not a gold mine.
Anyway..........I bought a lot more stock because of sc72 before the chinese dilemma.....and now as that clears up...I second guess the accuracy of sc72's deposit........can fecof come out and say.......Hey..we overstated the deposit...its not 3.5..........but its .7tcf..........the older studies were flawed....blah blah blah......
I'm still hoping for a deposit of at least 3tcf, the size of malampaya so we can get something out of this.....so i can make a profit and not a loss again on this. I no longer expect or believe the upward of 20tcf they guide you to think the possibility of............The stock always moves in anticipation one way or another and with some kind of leaked information.........this one is behaving poorly since the study ,although not enough volume is there to give this theory strong support one way or another.
The only thing I can hold out for is the fact that they did hit oil with that very, very small percentage in the oil company they own.....so maybe this isnt a complete scam afterall.
And by the way....I too enjoy the board and all its "characters".....and where you see positive people I have to try to balance it out with unadressed risk.....Nobody here gave much credence to the possibility of the goldmine being a totalbust.....and if i brought up the possibility of the risk I would get painted as a basher...So although I respect the curteous manner of this board...It would be healthier to have a few more doubting thomas's to bring balance to this.
Does anyone remember that gold stock overseas in the 80's that paid a geophysicist to put out a rosy report for them....it was a penny stock that went thru the roof..like 10 dollars ....at the end it was all big lies ..a big scam.
philex making bids to buyout all of fep gives you the likelyhood that this is legit..... But when one of fecofs two projects becomes a total bust...you start to wonder about the others accuracy in numbers ..its only human nature . good luck to all.
they mad lagascone gold mine sound like it would be profitable 4 years ago when gold was still trading at around 500 bucks an ounce,,,,,its now tripled and they give us this story............yes .........i find it dissapointing not just because of the potential 10 mil or so in market cap base it would give us.........BECAUSE i do agree that the gas could represent 200 mil in market cap for us if its correct and followed thru........the thing is.........can thos figures be trusted...we will soon find out but now my sure thing investment seems way more risky and not such a sure thing at all.........and now ive invested 20 grand in this and my stomach is turning.
glta
o.k. downsideup........... I understand you somewhat........but not sure where youre going with it....what are you insinuating....what is your best guess to answer the same question you put out? where do you think that money is going other than salaries?
I feel led on with lagoscone..............so now I understandably go thru feelings of doubt, once again, how much I can really trust this board and what is the true risk of sc72..............were those 3.5 tcf overstated as well? why hasnt the stock been moving higher? surely someone on the inside knows the 3d seismic already...and the stock has yet to move higher.......so whats really going on? this is my doubt beginning to manifest.
All the govt action to protect this field and so forth tells me we are sitting on something real......but then i have to wonder if theyve been fooled too the way i was about lagoscone 5 years ago........The board at Fecof is just a very shady group from my experience. I still would love for nothing more than to see this rise to 50 cents but the way they handle things is raising my doubts again.
yes rsr2004us
i went to their website but its not posted there for some reason...although it was released on reuters and made it to yahoo finance after the market closed.....seems legit....gold mine is not going to be profitable therefore its a no go......dont know if its a total bust or if they can recoup something from it.....but sounds like a total bust at this point.
a few posts before mine have an accurate copy and paste.....short and brief..........Not profitable
wow...... most of you are taking this news very well that the gold mine aint worth squat...i for one was hoping that the predictions of the gold mine alone being worth the market cap of 15 mil made me feel comfortable as a base since sc72 still is a risk............we just lost the one from the one - two punch,,,,granted that the number two punch should be the knockout punch.......but a good jab to set it up would have been very welcoming. With todays prices for gold and its still not profitable?? wow.....I thought this was a sure thing........what a let down......
The question now is.........is sc72 a sure thing?? good luck to all.
wow.we didnt see .025 when they chinese gunboats were ordering us to stop......and now we get there? with the 3d completed?
When they make an erroneous statement like " it will take 2 years for the 3d research to be analized" they need to make a correction< the company>, and state the true time frame.one month or two.........but this silence is defeaning.....this is their lack of professionalism when it comes to respecting their shareholders ,.........dejavu allover again from when i bought in 4 years ago. The situation is Much better now but their lack of supporting the stock with timely news is disheartening.............makes me wonder if they want to allow the stock to sink to make a meager buyout offer.
i dont think that it will play out that way...... the actions so far are to protect the region and develope it..and more than likely his statement was lost in translation and wasnt stated clearly..as too the statement that we need two years for the images is also a lost in translation statement.....very very sloppy stuff..
But do me a favor eom.dont start up some old habits of attacking my preference to never rule out all posibilities.....
the truth is....that if aquino gets bribed to throw fecof under the bus< which is unlikely> it would then benefit himself and the country too....as he and china split sc72 down the middle......50/50...win win for them...lose for us and for international business in that region.very unlikely but notimpossible.and on face value thats what his sloppy statement implies.
I get images of Neville Chamberline of england who came back after meeting with hitler..........." weve had discussions and Hitler assures me that he wont provoke to expand his borders" .or something to that effect,,,,,you get the idea......so i will give benefit of the doubt but watch these guys carefully.
to EOM7:
its the way he phrased the statement ,,,,,,,if he said joint exploration/exploitation of the spratly islands alone then i wouldnt mind....but he said "the spratlys and the reed bank" together....this is what bothers me....they spent the last two months making statements that the reed bank is not the spratly's etc........and that the reed bank/ sc72 are in philipines waters.......and now the philipines president turns around and groups them together in his statement with the agenda of JOINT exploration and exploitation....
Its a good chance this is just "lost in translation" stuff....but this man should be careful if hes using the english language in sentences that way because it contradicts everything so far.
I was just paranoid, and still am a little bit about the possibility of this guy getting a bribe to throw sc72 under the bus to line his pockets and smooth out relations with the chinese.....But i'm hoping they have laws in place that would keep this guy Aquino from doing so.
i hear ya kentcrek....its just that the statements he used contradict eachother.....and at the end of the day I dont feel that comfortable with philipino politicians let alone the ones back home.I'm not saying Sell..I will hold my position but he has me at bay from buying more with comments like that.
Are there really comets heading toward earth? send me the link please..
Happy easter everyone...........
and to those who are late for supper...happy passover
""Earlier, Mr. Aquino said he wanted not only exploration but joint exploitation in the disputed Spratly Islands and the Reed Bank. "
that effing quote really bothers me.....if its an accurate quote then i'd like to rip Aquinos head right off. Its been my understanding all along that the reed bank is in sole control of the philipines...that sc72 is valid because of it......by saying he wanted joint exploitation of the reed bank then it could invalidate the contract to begin with. Did this guy just take money to throw us under the bus?? I hope i'm getting upset for nothing but why would this a$$whipe say that about the reed bank...cant he choose his words more carefully and be specific...are the philipinos in govt. that incompetent??
How does this effect us now?? any views?
hhm..... this was so well written and in laymens terms as well as education that you seriously need to consider starting your own blog on energy and its uses....I'm sure it will get picked up and you'll make some nice extra side income educating the masses in record time. thanks for the breakdown
i got so many foreign names in my head i'm all mixed up....is Mindanao where our gold field is at or nearby?
Eitherway i'm sure it bodes well if they are getting partnered up that means that "theres gold up in them tharn hills!!!"
you should be a professor, you are taking all of us to school with your indepth analysis/explanations, and I for one am very Grateful..thank you for your time
heres a dumb question ,,,,,,,,,,and by the way.........I'd rather ask dumb questions and gain some intelligence than live in ignorance forever.
so here it is..
I was reading up on malampaya and read that they also found 85 million barrels of condensate....
I'm guessing since they mention Barrels its oil........
its not crude oil though...so what exactly is it? whats it priced at?
what is condensate? thanks
the reason i ask is we might find some of the same stuff since we are neighbors and i want to be better informed when they finally anounce our findings.
very nice post........and good links..the last link like you said was very dated.dating all the way back to 1997 where it reflects the philipines having about almost nothing in reserves.
Malaysia looks like its got huge potential, didnt know they had 4 billion barrels of oil and 80 tcf in gas,,,,very impressive.
Ive been reading stories that the dollar may crash big time if they drop it as a reserve currency....therefore owning some of these oil companies in foreign lands is looking more and more attractive as both a shelter and commodity play.
the persian gulf dwarfs everyone in their massive reserves, and it might help explain whats really going on between these minority group led revolutions in that region.......Maybe the govt woke up after Bush and remembered that to divide and conquer is a centurys old proven formula..........way less expensive then just rolling into iraq. Funny thing is that if libya just rolled over and let the westerners take Libya and occupy them.......they would be far better off with more human rights, freedoms and a high percentage of their oil.<the average citizen there sees none of it as the dictators hord it all>.............can you imagine what cities they could build there with the cheap labor in Libya and all that cash?...while the liberators also get the spoils of war too.....stable oil prices and some profits to pay for the cost of the war.....As the liberals who read my post are cringing, I am sure that at least half would agree its a win win situation and most likely whats going on behind the scenes, or a plan of sorts.
we are left to speculate on sc72 and its future but I was happily suprised when the philipines on more than one account defended their position and assets by sending out planes against the chinese gunboats.....and later finishing the 3d imaging despite chinas warning.they have even sent navy boats on the reed bank and have o.k.ed the drilling before any talks with the chinese takes place..........Very Happily Suprised......if they were @ussies about it then this would be on very shaky ground right now. their actions kept the stock price from returning to under 2 pennies.
glta.
they own about 25% of our treasury donds/debt........thats a far ways off of buying us......besides....if they bought us they would have to pay us all our social security benefits and broken healtchcare system.......its not a good purchase for them.............its like buying blockbuster before it goes into bankruptcy...thats a bad move...wait til after bankruptcy and invest in the turnaround.
another thing.........the chinese or any foreignor for that matter can buy US citizenship for a million dollars..so basically we will get their rich to come here...then tax their rich and pay off some of that debt that way.its all relative....depends how you look at it......
Lastly, I wouldnt want to live anywhere else and ive been around.........the asians have to wear masks because their air is unbreathable....the europeans have become second rate citizens to their islamic immigrants and are slowly infiltrated into a stupid, backward moving islamic nation.
God bless the USA
were all sick of their shit....but why do we continue to shop at walmart which is 90% made in china products.........we should take a page out of the african american history textbook,,,,and boycott the purchase of chinese made goods.... like they did with the busses way back when..........consumer activism is better than war.
Anyway.....its been a month since theyve completed the seismic.....I think someone stated that analysis could take 2 months......I have no expertise in this area whatsoever on its average timeline.
I do think however that the release of the seismic info will most likely coincide or be postponed until we have a clearer idea on the geopolitical situation involving the south china sea and sc72...........simply to have maximum impact with a clear and postive plan going forward when the NEWS is finally released.
There shouldnt be any delay of info revolving the gold mine.......unless they are adament on delivering a one - two punch for headlines when releasing info on sc72.
I for one am getting a little antsy and would like very much to see the company support the stock price and keep it from going below 3 cents with info on the gold mine.
glta
most volume in 6 weeks....not sure what it means
could go either way
someone is slowly unwinding their position because they dont want to wait for the report and risk it.
or
the market makers are moving some of their shares around...trying to squeeze out some weak hands before the anouncement.
glta
pxmff looks like its ready to break thru resistance and start trading higher...
its good to follow them as well as fep because they are also a stock of where some of the big money on fep is gonna go into.
actually they should end up getting some of the new contracts soon too.
yes,,that was a nice chart move db , from .02 on up.....but that was with the change to a service contract way back when....
ever since we completed the 3d seismic......the stock has been dropping........on dismissable volume you can say.......but what bothers me is the lack of buying on the anticipation of great news......Two days ago i was responsible for the 25,000 out of the 35000 volume day........and that was just a grand....where are the buyers?
this stock is simply not trading the way it should. Its not trading like a company about to announce a one two punch in a week or two,,,BUT that doesnt mean it won't.
I for one will be so happy when they announce some news and bring new investors onboard, hopefully doubling and tripling its shareholder base..........to try to make sense of its movement or lack of movement is somewhat dumbfounding. I would think that some people on the inside who are looking at the 3d right now might be telling their friends to pick up some shares....but i guess with a small stock like this they may be easier tracked and therefore wont risk it.......dare i say they are more ethical than u.s. counterparts......dont know what to think really.........except that good or bad the info should change the way this stock trades.........basing from .05 to .035 in anticipation of good news is like being in Bizzaro world.
Good news is we are the first ones in because we dug hard enough to figure its true worth....
Bad news is it takes the rest of the dummies forever to catch up to what we know and finally move this puppy up.
fecof is a penny stock that has a nice holding in FEP, an oil and gas company in the philipines that just recently did a 3d seismic study and should soon be anouncing a confirmation of a world class gas field off of palawan to the range of 3.5 trillion cubic feet...a find worth billions.
definitely a 5bagger and maybe a 10bagger in 2 years.
a story to consider when buying or trying to buy fep:
By Cliff D'Arcy
October 8, 2004
Earlier this year, I bought my first AIM-listed share. AIM is the Alternative Investment Market, a stock market for small companies, which is much smaller than the the London Stock Exchange's main Official List.
For the record, the share I bought was NewMedia SPARK (LSE: NMS), a cash-rich Internet incubator. This company was featured in the July issue of our Value Investor newsletter, and again in this article on value investing.
However, I was aware of several "issues" when I came to buy my stake in SPARK, some of which are common to all AIM shares:
AIM and ISAs don't mix
You can't buy AIM shares inside a tax-free ISA wrapper, because AIM shares are governed by a different tax regime to main market-listed shares (see below). Unfortunately, I couldn't use the lump of money in my self-select ISA to buy these shares. Instead, I had to transfer extra cash into my dealing account and then buy my stake in SPARK.
Normal Market Sizes can be small
After doing my own research, I decided to put quite a large sum into SPARK. However, I discovered that its Normal Market Size was only 50,000 shares. This means that my broker would charge me a higher buying price if I wanted to buy more than 50,000 shares. As the share price was around 10p at the time, I could only buy shares worth £5,000 at the normal market price. For larger purchases, I'd have to pay a premium.
This is because there aren't that many SPARK shares in circulation. Shares in big, blue-chip companies are easy to buy and sell because there are billions of shares in circulation, plus a lively market of buyers and sellers. However, the same can't be said of small companies, whose shares are often 'illiquid' – difficult to buy and sell in large numbers.
Hence, buying 100,000 SPARK shares (costing £10,000) means buying almost 1/4,500th of the company, which is quite a stake for a private investor. However, on the days when trade is brisk, market makers sometimes increase SPARK's Normal Market Size to 250,000, which means that larger trades (up to £25,000) are easier to process.
Spreads are higher than those of blue-chip shares
SPARK's market capitalisation is a mere £46 million, with around 443 million shares in circulation. Because shares in SPARK don't change hands all that often, market makers could be left with egg on their face if the price moves sharply in response to unexpected news.
In order to cover the risk of being left with small-company shares that they can't shift, market makers increase the 'bid-offer spread' for small firms' shares. For example, the difference between the (higher) buying price – 10.50p and the (lower) selling price for SPARK -- 10.25p -- is 0.25p, almost 2.5%. In contrast, spreads can be under 0.1% for FTSE 100 companies.
Sometimes, my broker can reduce (even halve) the spread on some small-company shares, which saves me a tidy sum now and then. However, thanks to the spread, stamp duty of 0.5% and buying costs, investing in SPARK caused me to lose around 2% of my money on day one. Ouch!
This article explains how low Normal Market Sizes and large spreads can hit your investment returns.
AIM shares get preferential tax treatment
One benefit of buying AIM shares is that they are treated as 'business assets' when it comes to calculating capital gains tax (CGT). What this means is that AIM investors get higher 'taper relief' than holders of Official List shares.
For example, if I sell an AIM share within one year of buying it, I lose two-fifths of my profit (40%) to the taxman. However, this tax bill halves if I wait a year (down to a fifth, or 20%) and again if I wait another year or more (a tenth, or 10%). Thus, if I hang onto my SPARK shares for at least two years, my tax rate on gains falls to just 10%.
On the other hand, I have to hold Official List shares for three years just to get a discount of 5%. After 10 years or more, my tax rate is still a juicy 24%. Yikes!
kentcrek:
i looked for it....couldnt find nothing of sorts. No disrespect but i think you might have misunderstood what you saw........
maybe that 93% holding is something else...dont know what though.
the float seems to be at least 20something% of the shares outstanding....
your assumption or statement of only 7% just seems waaaay off.................if you were right though i'd feel even better about my situation but it just doesnt seem likely.
glta
ive reposted a news release from march 15 <3 weeks ago> only to highlight the comparison between the 2006 study to comparing this last study in terms of kilometers.....the 2006 study covered 248 km squared and this one is more than twice that amount.....:
"LATEST RNS ANNOUNCEMENTBack to listMarch 15 20112D and 3D seismic surveys completedForum Energy is pleased to announce that it has completed its seismic acquisition over SC72.
As part of the work program, 564.887 Km2 of 3D seismic data was acquired over the Sampaguita Gas Field and 2,202.38 Line-Km of 2D seismic data was also acquired over the block in order to further define additional leads identified within the SC72 acreage.
"
I do believe someone had mentioned this before but the proof is there and its factual,,,,,,,,doesnt necessarily mean they will find twice as much but considering the whole place is just covered in gas and oil this should be an early christmas present for all of us. And if your jewish you still get an early christmas present........and if youre muslim.....ummmm,,,,,go watch southpark.
this was very wonderfull of you, thanks for helping find this article as I know all too well that digging for this info can add into hours sometimes. Thank you sir.
Although this story doesnt have an fep type company, This info tells us quite a bit.
"The findings confirmed the presence of a formidable power source 80 kilometers northwest of Palawan island–about 2.7 trillion cubic feet of natural gas reserves and 85 million barrels of condensate, located some 3,000 meters below sea level. "
when i wake up tomorrow i will compare the distance and depth to sc72........ i didnt know that shell found 85 mil B in condensate along with the gas.......we might very well have our own mini oilfield afterall ontop of gas.
http://www.abs-cbnnews.com/business/03/14/11/forum-energy-talks-potential-partners-sc-72
MANILA, Philippines - UK-based Forum Energy Plc is pursuing talks with potential joint venture partners for the development of its Service Contract 72 (formerly GSEC 101) located in offshore West Palawan.
Forum Energy executive chairman Robin Nicholson, in a report, said the partnership will pave the way for the continuing development in the area.
Forum Energy has started seismic survey in SC 72 recently and had poured in an initial $10 million as part of its work program submitted with the Department of Energy (DOE).
Forum Energy earlier stressed that SC 72 is not situated in the disputed Spratlys group of islands, pointing out that said the contract is located in the Reed Bank basin.
According to Nicholson, Reed Bank is at least 150 kilometers east of the disputed Spratlys Islands and is closer to the island of Palawan.SC 72 is within the 200 nautical mile exclusive economic zone (EEZ) based on Republic Act 9522 or the Philippine Archipelagic Baseline Law signed on March 10, 2009. RA 9522 defines the archipelagic baselines of the Philippines, while affirming Philippine sovereignty and jurisdiction over these areas which include SC 72.
Reed Bank has been subject of numerous exploration campaigns in the past under the Philippine contractual regime. The first petroleum contract in the area was awarded by the then Ministry of Energy in 1975.
“The company progressed discussions with potential strategic partners. A facility agreement with Philex Mining Corp. for $10 million has enabled Forum Energy to progress the development of its principal asset,” Nicholson said.
With the current rate the project is going, the company is expecting the survey to be completed within this quarter.
It would be recalled that Forum Energy implemented the first sub-phase work program which includes a further 550 square kilometer of 3D seismic and 2,200 kilometer of 2D seismic study in SC 72, covering 8,800 square kilometer s situated west of Palawan in the South China Sea.
The first sub-phase work program over SC 72 is estimated to cost $7.4 million.
The program is expected to result to a more comprehensive evaluation of the SC72 property and to identify potential sites for appraisal wells.
“The completion of our first sub-phase work program over SC 72 will be a milestone for the Company since the last data acquisition which was concluded over five years ago. We expect that this data will give us significant additional information that will enable the company to better assess the various development scenarios and potential partnership options for the SC 72 block at a critical time in the development of this important asset,” Nicholson said.
The company official said results from a 248-square kilometer 3D seismic survey in 2006 over the license area indicated a mean volume of 3.4 trillion cubic feet gas-in-place.
mr. kentcrek:
i did a copy and paste from one of these websites.........actually i think it was this one, but cant find it in the same format.....if you put fecof in the stock quote category it will show the same 101. million float
but i didnt do my due diligence by doublechecking the figures...so i have included another one <key statistics> from my e-trade account and even though it doesnt match up perfectly its somewhat close<115 mil not 101 in the float>........if you can copy and post what you found i'd appreciate it. Below is e-trade's info on fecof
KEY STATISTICSIndustry Range: Low High Mouseover quintile for more detail Reuters Investment Profile Report
Shareholder Equity
Shares Outstanding 439.1 M
Institutional Ownership 0.04%
Number of Floating Shares 115.8 M
Short Interest as % of Float
hey greentea.......
since we agree that this is turning out to be very similar to the malampaya type project....
would you know if there was a similar company like fep who owned the malampaya field so i can go back and historically track their growth from their first drilling of the malampaya field to today....would be an interesting comparison unless its a huge conglomerant that owned malampaya.
also.....would you know if the pipeline for malampaya was longer or shorter from where ours would be?
KEY FIGURES (Latest Twelve Months - LTM)
Yesterday's Close 0.04 $
PE Ratio - LTM 0.0
Market Capitalisation 18.4 mil
Latest Shares Outstanding 439.1 mil
Earnings pS (EPS) 0.00 $
Dividend pS (DPS) 0.00 ¢
Dividend Yield 0.0 %
Dividend Payout Ratio %
Revenue per Employee $
Effective Tax Rate 0.0 %
Float 101.7 mil
Float as % of Shares Outstanding 23.2 %
trying to think ahead....like the great one wayne gretzky who said he scored so many goals because he got there before the puck did.
theres 101 million shares floating around.....i dont think the institutions will let go of their holdings anytime soon.
so if i own a quarter of a million shares with just a lousy 10 grand invested....and there are more than a few that have a million shares in their pocket already...........and there are about 100 people on this board........
well.........lets say we were all strong enough to not jump the gun and sell quick at .15 cents but hold off for much higher returns..........whats really out there for people to buy? besides this board there are many silent holders who have forgotten about this holding and wont check til the end of the year.
out of the hundred million shares..i'd be suprised if the market makers are sitting on more than 5 million shares. whats really out there for immediate sale? 10 million shares? less than half a million dollars worth?
so lets say some bigtime oil guy realizes what an opportunity this really is after they confirm upwards of 3.5tcf in sc72............and he comes to the conclusion he wants in because this can reach 50 cents or beyond....if he wants to buy 500,000 dollars worth<12.5 million shares at.04> or 7 million shares at .08>......he will single handedly move this thing to 30 cents....and it would still be a buy long term.
just my opinion
yeah.....
this is the second reply to the same post.
I'm torn up between working with a professional shell co. or the chinese to put away the political tension. Its a tough choice only because the damn chinese put us in this corner to begin with. Makes you wonder if this is what they intended from the very beginning or if theyre just gonna try to take advantage of the situation.
Either way, even a chinese jv partner would be a move forward and the stock should head higher with that news as well.
glta
that would be a smart strategy, but i think Shell is the better company....as well as the proven winner in doing exactly what we need to do by mimicing the malampaya field, and their dynamics of using some of their facilities already in use/place<saving time,earning profits sooner>.
the announcements will probably be in this order:
1. the gold field anouncement, and then soon after
2. the seismograph of sc72 and anything 3.5 tcf or higher
3. a jv partner if we have one yet...they said no offer has been made yet, rightfully so since the seismography isnt complete yet.......once the jv knows what their dealing with they will make an offer........hopefully we get at least two offers and choose the best one for the job.