FEC Resources Inc. (FECOF)

[batakathon]

FECOF's value?

Can anyone help me out here.

(1) FEC is a 25.63% stake in the UK company Forum Energy Plc (Forum)
(2) FEC additionally holds a 40% interest in the Lascogan Mining Corporation (LMC). LMC holds a Mineral Production Sharing Agreement 148 (MPSA 148).

(1) Forum has a market cap of 24.19M, FEC's 25.63% stake equals 6.20M
(2) According to
http://www.mgbr13.ph/index.php?option=com_content&view=article&id=54&Itemid=4
There is no exploration activity, as of June 2010, for MPSA 148-99-XIII, LMC. FEC's 40% stake equals 0M (don't know how else to value this)

FECOF has 434.14M outstanding shares, which gives me a share value of 6.20/434.14 = 0.01428

Things start to get interesting if Forum Energy gets to develop the Reed Bank concession (GSEC101). Until then, the current share price 0.012 seems only a little bit undervalued, or am I missing something?

Also, why did Philex Mining Corporation pay 50 cents per (FECOF) share back in January earlier this year (see below)? Is something big coming?

"Philex Mining Corporation announced that effective January 7, 2010, pursuant to a subscription agreement, Philex Mining Corporation acquired an aggregate of 5,000,000 shares of FEC Resources Inc. at a purchase price of CAD2,594,500 ($2,500,000)."