CALGARY, Alberta, Sept. 26 /PRNewswire-FirstCall/ -- The following was
released on behalf of the Board of FEC Resources Inc, by Larry W. Youell,
President and CEO:
FEC Resources Inc (OTC Bulletin Board: FECOF; FRANKFURT and MUNICH:
FE8) ("FEC" or "the company") reports that Forum Energy Plc ("Forum"), the
UK energy group of which FEC Resources holds a 35% equity interest, has
today issued the following announcement:
"3D Seismic Programme Results at Sampaguita Gas Discovery
Indicates World Class Gas Asset
Forum Energy (AIM: FEP), the AIM listed oil, gas, and coal exploration
and production company focused on the Philippines, is pleased to announce
that the interpretation of the 3D seismic programme at the Sampaguita gas
discovery indicates 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.
Additional untested sands, which are known to contain gas, could double
this figure. The block also contains 8 additional leads which require
further work that has the potential to add a further 20 TCF in aggregate.
Forum is in the process of converting the licence to a service contract
and plans to drill an appraisal well as soon as possible."
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.
"We are delighted with the news from FEP confirming an asset of
enormous potential and through our significant 35% shareholding, it is
anticipated FEC shareholders should benefit greatly. It is understood an
appraisal is to be sought at the earliest opportunity to bring the gas
field to commerciality, which given the potential reserve size and
proximity to the Asian markets is an ideal candidate for an LNG facility,"
commented Larry W. Youell, President & CEO.
To learn more about the Oil, Gas and Coal assets of Forum Energy Plc
visit their website at http://www.forumenergyPLC.com .
FEC Resources Inc. holds a diverse portfolio of Oil, Gas, Coal, Gold
and Iron Ore assets located in the Philippines through its shareholdings in
Forum Energy Plc, Lascogon Mining Corporation and Metalore Mining
Corporation. For further information email info@fecresources.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
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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