CALGARY, Alberta, June 17 /PRNewswire-FirstCall/ -- FEC RESOURCES, INC.
(OTC Bulletin Board: FECOF, Frankfurt and Munich: FE8) ("FECR" or "The
Company") reports that Forum Energy Plc, the UK energy group with gas, oil and
coal assets in the Philippines, of which FEC Resources Inc holds a 57.9%
interest, has completed a key seismic survey across an offshore area believed
to contain promising oil and gas prospects.
Alongside a programme to begin production from proven gas and coal
reserves over the next 12 months, Forum has just completed an offshore 2D
seismic acquisition programme in the Tanon Strait, west of Cebu Island.
Forum Energy Plc, which will open its London headquarters in July
following a successful c. US$6,2M fundraising from UK institutional investors,
has commissioned Spectrum Energy (UK) to process this seismic data over the
course of the summer.
Forum Energy Plc's Chief Executive David Robinson said: "Following our
fundraising we are pleased to have got off to such a smooth start with our
forward programme. We have a strong portfolio of forthcoming production and
exploration interests in the Philippines, and look forward to becoming a key
player in the country's increasingly important energy sector."
The seismic survey, completed by the Veritas Searcher, acquired 310
kilometers of new data in license SC40, where Forum Energy Plc holds a 67%
interest. Structures within the area covered by this survey have combined
potential reserves of 350 million barrels of oil according to estimates made
by the independent geoscientific consultancy, PGS Reservoir Ltd.
Forum Energy Plc's assets also include known onshore and offshore gas and
oil finds as well as two coal operating contracts with proven and probable
reserves of 4.9 million tons. First gas production is expected by the first
quarter of 2006 with coal production during the first half of 2006.
ABOUT FEC RESOURCES, INC.
FEC Resources, Inc. is an independent company and through its majority
shareholding in Forum Energy Plc has a significant interest in oil, gas and
coal in the Philippines.
With the Company's recent strategic changes, it has uniquely positioned
itself to pursue assets in the resources sector of the Philippines, thus
taking advantage of the Board level experience now available in these fields
along with management and consultants with regional expertise, and most
importantly the prospects of a country rich in undeveloped minerals.
To learn more about FEC Resources, Inc visit http://www.FECResources.com
To learn more about the Oil, Gas and Coal assets of Forum Energy Plc visit
their website at http://www.forumenergyPLC.com
For General Enquiries email: info@FECResources.com
On behalf of the Board of,
FEC Resources, Inc.
"Larry W. Youell"
President & 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
http://www.FECResources.com
SOURCE FEC Resources, Inc.
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Related links:
http://www.fecresources.com
CONTACT:
Larry Youell of FEC Resources, Inc.,
+1-403-290-1676, or info@FECResources.com
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