FEC Resources, Inc. (Formerly Forum Energy Corporation) is an independent
company listed on the NASD OTC Bulletin Board (FECOF) and the Frankfurt and Munich Stock Exchanges (FE8)
FECR currently owns 29.78% of Forum Energy Plc (“FEP”) a UK company incorporated in April 2005 through the
consolidation of the Philippine assets of Forum Energy Corporation and Sterling Energy Plc (“SEY”) of the
UK. FEP has recently closed a US$6.2m pre-IPO financing and a US$19.35m IPO financing and is listed on
the AIM market of the London stock exchange.
In September 2006 results of the interpretation of the 3D seismic programme at the Sampaguita gas discovery indicated a world class gas accumulation with potential reserves of up to 20 TCF (“Trillion Cubic Feet”) Forum has 100% of the equity in the licence in which the Sampaguita offshore gas discovery is situated. The block is located off the North West coast of Palawan Island in the Philippines.
Results from the 3D seismic programme and its interpretation performed by independent consultants, Count Geophysics Limited, confirmed a minimum of 3.4 TCF proven gas in place from sands tested in the 3 wells drilled to-date and the extension of the structure to a possible closure of 290 sq. km giving an upside reserves in these sands alone of 10 TCF. Forum is currently in the process of converting the license to a Service Contract.
In April 2006 Forum enhanced its position in the region through the acquisition of the Philippine Oil and Gas assets of Basic Consolidated Inc (PSE: BCI). The newly-acquired assets included varying interests in nine offshore fields west of the Philippines.
FEC also owns a significant share of Lascogan Mining Corporation:
In 2006 FEC reported it had concluded an agreement to acquire a 40% interest in the Lascogan mining project in the Philippines in partnership with Philex Gold, Inc. (PGI)
The project concerned is the Mining and Production Sharing Agreement ("MPSA") between PGI and the Government of the Philippines, which is identified as MPSA #148-99-XIII ("MPSA148"), comprising 2306 Hectares in the province of Surigao, Mindanao. The Company has been evaluating the project for some time in pursuance of the company's stated objective of seeking world class mining projects on commercially attractive terms. To date the company has spent in excess of $1,000,000 evaluating the property. Most of the effort has focused on the southern portion of the holding and has encountered numerous positive shows of gold and copper, but not as yet in sufficient quantities to warrant entering commercial production. More recently mapping, drilling and assaying has shifted to the northern sections and we remain optimistic that significant finds will be discovered. On July 23 a news release was issued highlighting some recent positive assay results.
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