CORPORATE NEWS RELEASE : FEC Resources Inc - Date: 19 08 2005
FEC RESOURCES INC. (OTCBB: FECOF, Frankfurt/Munich: FE8) reports that Forum Energy Plc ("Forum"), the UK energy group with gas, oil and coal assets in the Philippines, of which FEC Resources is a major shareholder, has announced (Through a wholly-owned subsidiary of Forum acquired from Sterling Energy Plc) the completion of a key 3D seismic survey across the major Sampaguita gas discovery offshore the Philippines.
Analysis of the results will provide more information on the commercial potential of this highly promising discovery, and help identify the best location for a possible appraisal well to be drilled next year.
Sampaguita lies 250 kilometres southwest of the world-class Malampaya gas field, where operator Shell has installed extensive production facilities and pipeline infrastructure that supplies gas to three Philippine power plants.
Gas has already been tested from Sampaguita during the 1970s and 1980s. A recent independent assessment by petroleum consultants PGS Reservoir Ltd., estimated that the field could contain potential recoverable gas reserves of up to 2.3 trillion cubic feet.
The survey was carried out over an area of 248 square kilometres by DGC Asia Pacific Ltd, part of Veritas, using the M/V Pacific Sword. Veritas will also process the results.
It has been completed just two weeks after Forum arrived on AIM, following a successful £11 million fund-raising at £1.12 per share. Shares in the company are currently trading at £1.18 per share.
To learn more about FEC Resources, Inc visit www.FECResources.com
To learn more about the Oil, Gas and Coal assets of Forum Energy Plc visit their website at www.forumenergyPLC.com
On behalf of the Board of,
FEC Resources, Inc.
“Larry W. Youell”
Larry W. Youell
President and CEO
This release contains "forward looking statements" as per Section 21E of the US Securities and Exchange Act of 1934, as amended. Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Management is currently reviewing many options and there is no assurance that they will not make decisions other than those now contemplated. The Company is subject to political risks and operational risks identified in documents filed with the Securities and Exchange Commission, including changing and depressed oil prices, unsuccessful drilling results, change of government and political unrest in its main area of operations
For more information please contact Larry Youell at (403) 290-1676 e-mail info@FECResources.com or visit the FEC Resources website at www.FECResources.com