FEC Resources Inc. (FECOF)

[styl]

wells by June 2013.

"We intend to comply with that work program," Pangilinan told reporters after announcing Philex's 2011 results.

The Reed Bank is adjacent to the Spratly Islands, a group of small islands in the southern part of the South China Sea which are also claimed in all or part by Vietnam, Malaysia, Brunei and Taiwan.

Early last year, a survey ship hired by Forum Energy reported that two Chinese vessels in the area had threatened to ram it.

"It would be unfortunate if, because of the sovereignty issue, we can't develop the resources there. I do hope the sovereignty issue can be resolved," Pangilinan said.

The plan puts the Philippines and China on a collision course, as the Chinese government has made it clear that any non-authorized oil or gas exploration in the area would "complicate and magnify" the territorial dispute.


i highlighted the quote that troubled me the most.........its 3 weeks ago now in a foxnews website and it still rings a lack of confidence or the unsurity in the development of sc72. In one hand i respect the honesty, but on the other hand it is a sign of weakness and this is obviously whats still keeping the investors away