FEC Resources Inc. (FECOF)

[styl]

correction on ppc from my numbers being incomplete...I just copied this from fep link on yahoo......ppc being valued at 200 mil rather than 48 mil makes alot more sense...it says ppc will have a 64% ownership in fep....i guess thats the division of philexs 38% and fecofs 25-26%?..still doesnt make sense to me...(you would think that they could only claim half of fecofs fep shares since they control 51% of fecof)...i wonder if the 64.4% is a typo.......I know theres one other major shareholder around 30something percent in fep.... all things considering...if fep will be a multi billion dollar find like malampaya....then owning ppc is better...but as of today theres more value in fecof...heres the post:

(Reuters) - Philex Petroleum Corp (PPC) , a unit of Philippine miner Philex Mining Corp , will list 1.7 billion common shares on Sept. 12, with 35 percent to be distributed as dividends, a listing prospectus showed on Monday.

PPC will debut at 1.20 pesos per share in a listing by way of introduction. Based on authorised capital of 6.8 billion shares, the listing would value the company at about 8.16 billion pesos ($193 million).

Listing by way of introduction does not require an initial public offering. However, PPC, which has interests in coal mining and oil and gas exploration, is required to offer shares to the public within 12 months from its listing date.

The parent firm will distribute 598.6 million shares of PPC as property dividend to Philex shareholders, the filing showed.

In July, Philex said it would issue one PPC share for every eight Philex shares held and also planned to pay a cash dividend of 5.2 centavos per Philex share.

PPC may participate in a state auction for 15 contracts to explore for oil and gas near southwestern Palawan island, Philex chairman Manuel Pangilinan said in a July interview with Reuters.

PPC fully owns Brixton Energy & Mining Corp, which is engaged in coal mining, and has a 64.45 percent stake in Forum Energy plc , a U.K.-listed firm that has interests in several petroleum exploration projects in the Philippines.

Forum has a 70 percent interest in the Sampaguita gas prospect in the Reed Bank in the disputed South China Sea.

PPC also owns 18.5 percent of Pitkin Petroleum Plc, which has exploration projects in Peru, Vietnam and the Philippines, 10.3 percent of Philippines-listed exploration firm PetroEnergy Resources Corp .

Shares in Philex, a $3.2 billion copper-and-gold miner controlled by Hong Kong's First Pacific Co Ltd , rose 2 percent on Monday in a market that fell 0.2 percent.

($1 = 42.2 pesos) (Reporting by Erik dela Cruz; Editing by John Mair