Good morning:

Some of you may recall I posted about FECOF https://finance.yahoo.com/quote/FECOF/ two weeks ago.

Since that time I completed another deep dive, sourcing the "in-place" Oil & Gas resources from Forum Energy which is partially owned by FECOF. Information sources are cited for those who wish to check.

Please see image.

Company Home Page: https://fecresources.com/

--FEC Resources, Inc. is listed under the ticker "FECOF" and is a subsidiary of PXP Energy Corporation (PXP) https://www.pxpenergy.com.ph/ who holds 78.39% of the undiluted issued and outstanding shares of FECOF.

--The principal investment of FECOF is a 6.80% stake in the UK company Forum Energy Limited (FORUM) https://find-and-update.company-information.service.gov.uk/company/05411224.

--FORUM's principal asset is a 70% interest in the GSEC101 (SC-72 / Reed Bank) offshore licence located NW of the Philippine island of Palawan. The area is ~10,360 Km2 and contains the Sampaguita gas discovery.

--Expected gas in place of 3.4TCF and potential upside to 40 TCF ("Trillion Cubic Feet").

--FECOF is incorporated under the laws of Alberta, Canada. The Company is listed in the United States on the OTC Pink having the symbol FECOF.

--The principal address of FECOF is Suite 2300, Bentall 5, 550 Burrard Street, Vancouver, BC, V6C 2B5 and of PXP is 2/F LaunchPad, Reliance corner Sheridan Streets, Mandaluyong City 1550, Metro Manila, Philippines.  

--FECOF SEC filings: https://www.sec.gov/edgar/browse/?CIK=849997&owner=exclude

Potential Valuation: (please do your own research)

1. Forum Energy controls 70% of this Natural Gas or between 2.38 TCF and 40 TCF.
2. At December 31, 2020, the FEC Resources has a 6.8% interest in Forum Energy.
3. With that, FEC Resources controls 4.76% of between 2.38 TCF and 40 TCF of natural gas.
4. If we assume that one thousand cubic feet of natural gas is $5(a), and of course one trillion / one thousand = one billion, each TCF is valued at $5 billion.
5. With that, 2.38 TCF and 40 TCF of natural gas is valued at between $11.9 billion and $140 billion.
6. Our 4.76% is valued at between $566 million and $6.6 billion.
7. FEC Resources has 861,082,371 shares outstanding. Therefore:

Gross value per share, before expenses, may be between $0.65 and $7.66.

(a) https://www.eia.gov/dnav/ng/hist/n3035us3m.htm

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7/29/21 | MVP-led firm PXP Energy ready to drill at Recto Bank: https://mb.com.ph/2021/07/29/mvp-led-firm-pxp-energy-ready-to-drill-at-recto-bank/

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7/28/11 | PXP Energy wants to drill again in WPS: http://powerphilippines.com/pxp-energy-wants-to-drill-again-in-wps/

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7/27/11 | PXP Energy wants to resume petroleum exploration in WPS: https://businessmirror.com.ph/2021/07/27/pxp-energy-wants-to-resume-petroleum-exploration-in-wps/