+ cash + GOLD Co. Investment:
FEC Resources, Inc. (FEC or the Company) is an independent investment company listed on the OTCBB under the ticker symbol “FECOF” and is a subsidiary of Philex Mining Corporation (Philex) who holds 50.4% of the undiluted issued and outstanding capital of the Company.
Philex is the Philippines largest Mining Company with a market capitalisation of over US$1.1Billion as at Sep 2009.
The principal investment of FEC is a 25.63% stake in the UK company Forum Energy Plc (Forum) who are listed on the AIM market of the London stock exchange.
Forum’s principal asset is a 70% interest in the GSEC101 offshore licence located to the north west of the Philippine island of Palawan. The area is some 10,360 Km2 and contains the Sampaguita gas discovery which has expected gas in place of 3.4TCF and potential upside to 20 TCF (“Trillion Cubic Feet”) They are currently awaiting conversion of the GSEC101 licence to a full Service Contract in order that further appraisal work can be carried out endeavouring to bring the field to commercialisation.
In addition Forum have a 2.27% interest in the producing Galoc field and a majority interest in Service Contract 40 which covers areas both on and offshore Cebu Island.
FEC also has a significant gold investment in the Philippines; for further information on this click here
For further information on Forum Energy Plc visit www.forumenergy.com
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