FEC Resources Inc. (FECOF)

[styl]

Older article but still worth considering a re-read

Great picture of the reed bank.

In this article it's guessing that the reed bank is twice the size of malampaya.... and yet says energy for a century..... mentions malampaya having another 8 years or 10 years? Article is 2 years old but I've heard new projects extended malampaya another 3 to 5 years and that they've only depleted half the reserves...... so at roughly 9 billion that ph got from malampaya for their 10%. That puts malampayas net profit so far at 90 bil. Multiply that by 2? For the rest of their reserves and you get 180 bil...... maybe ongpin wasn't far off to begin with.... also if you consider most contract details, there is a good portion off the top that the govt didn't get to share at all. So that may be the 200 bil ongpin was mentioning as in lifetime expectation.

Even at just once the size of malampaya. And even cut in half by china its Huge!!! To think that Fecof once owned the entire forum stock, pissed it away and traded as low as .0012 under a million dollar market cap at one point is utterly mind blowing. How can anyone have faith in that management. And now the new real management is our pxp parent company, which loyalty is questionable at best. Hopefully the letter Irish sent and whatever else shareholders send will keep the wolves at bay.

There's also about 8 billion in oil in that field which should cover any expenses to getting the gas. But we will need loans first. I'm sure it's being prepared as we speak for a fast track after approval. If we can get cnooc to do it as part of their fulfillment to getting a well they don't really deserve it would be a huge plus and offset the 50% cut china will receive.... I hope.

https://philnews.ph/2016/07/14/natural-gas-supply-reed-bank-untapped-gold-mountain/