CALGARY, Alberta, July 13 /PRNewswire-FirstCall/ -- 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 Inc holds a 57.4% interest has launched a second round of fund
raising as part of its planned arrival on London's AIM market. This follows a
successful first round of fund raising completed during May, when Forum raised
3.4 million pounds Sterling from institutions and management.
Forum Chief Executive David Robinson said: "Following the enthusiastic
response of investors in May, we have received signals of strong interest for
this next round. We are confident our offer represents excellent value given
the strength and diversity of our reserve base. The new funding, allied to our
admission to AIM, will assist us in pursuing planned exploration, appraisal
and development of our gas, oil and coal portfolio, and will support further
expansion of our resource base in the Philippines." The Forum management team
has extensive experience operating in the Philippines, where energy
development is now a government priority.
First round funding was raised primarily for the acquisition of 2D seismic
data over two attractive prospects in the Tanon Strait offshore Cebu Island
and acquisition of 3D seismic data over the large Sampaguita gas field in the
offshore Reed Bank area. The company expects to be generating revenue in early
2006.
Forum Energy plc was incorporated in April 2005 to combine the Philippine
assets formerly held by FEC Resources Inc of Canada and AIM-quoted Sterling
Energy plc. FEC and Sterling currently have interests in Forum of 57% and 23%
respectively.
The company has its headquarters in London and its operations are run from
Manila.
As well as the GSEC 101 Reed Bank offshore licence area, Forum's assets
include the SC 40 (Cebu) licence with known onshore and offshore gas and oil
discoveries, and two coal operating contracts on Cebu Island with proven and
probable reserves of 4.9 million tonnes. Gas production from SC40 is expected
to begin in the first quarter next year, and coal production by the middle of
2006.
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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