FEC Resources Inc. (FECOF)

[eugenecj]

FORUM ENERGY PLC



("Forum Energy" or the "Company")



Audited results for the year ended 31 December 2012





Forum Energy, the UK incorporated oil and gas exploration and production company with a focus on the Philippines, today announces its audited results for the year ended 31 December 2012.





Operational Highlights

· SC72 seismic interpretation and resources update completed in April 2012, which showed an improvement in the resources previously known and supported the case to proceed with the drilling programme

· Granted an extension to August 2015 to complete the second sub-phase obligations of drilling wells on SC72

· Libertad Gas Field power generation commenced in February 2012

· Upgrade of the Galoc floating production, storage and offloading vessel completed on schedule in March 2012

· Participation in the Galoc Phase II development approved



Financial Highlights

· Revenues of US$4.5 million in 2012 (2011: US$12.7 million)

· Gross Profit of US$0.9 million in 2012 (2011: US$5.8 million)

· Net Loss of US$1.0m before impairment charge in relation to SC40 (2011: profit US$3.4 million)

· Non-core investment in SC40 written down by US$25.4 million to US$3.3 million

· Net Loss of US$26.4 million after SC40 impairment charge

· Cash of US$5.8 million at year end (2011: US$2.8 million)

· Loans payable at year end $15 million (2011: $6 million), due to Philex Mining Corporation





Robin Nicholson, Executive Chairman, commented:



"Whilst our net loss this year was significant, this predominantly related to our recognition of the need to revalue our non-core assets at SC40, following receipt of a new independent report on resource estimates. We remain focused on our key asset, SC72, and on our goal of establishing the commerciality of the potential hydrocarbon resources within the SC72 Concession."









For further information please contact:



Forum Energy Plc

Andrew Mullins, Executive Director Tel: [phone]


Execution Noble & Company Limited

Harry Stockdale Tel: [phone]


Or visit the Company's website:

www.forumenergyplc.com<http://www.forumenergyplc.com>;