FEC Reports on FEP Request for SC72 Extension
CALGARY, Alberta, Jan. 21, 2013 /PRNewswire/ -- The following was released on behalf of the Board of FEC Resources Inc., by Carlo Pablo, Chairman:
FEC RESOURCES INC. (OTCBB: FECOF, Frankfurt/Munich: FE8) ("FEC") wishes to advise shareholders that it has noted the following announcement made by Forum Energy PLC. ("FEP").
"Forum Energy, the UK incorporated oil and gas exploration and production company with a focus on the Philippines, notes press reports in the Philippines today concerning Service Contract 72 ("SC72") and confirms the Company has requested an extension to the second-sub phase of the Service Contract 72 contract from the Philippine Department of Energy ("DOE")
Drilling work had been scheduled to be concluded at SC72 within the second Sub-Phase of the Service Contract on or before 14 August 2013, however the requisite approvals from the DOE to conduct the proposed work programme (comprising of a geotechnical survey and the drilling of two appraisal wells) have to-date not been received. In addition the Company is currently awaiting approval on the extension request.
Further updates will be made as appropriate."
On behalf of the Board of,
FEC Resources Inc.
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any natural resources that may be located, variations in the market price of any natural resource products the Company may produce or plan to produce, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, the Company's inability to produce natural resources from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Company's Annual Report on Form 20-F for the year ended December 31, 2011 and its most recent quarterly reports filed with the United States Securities Exchange Commission (the "SEC"), and other information released by the Company and filed with the appropriate regulatory agencies. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and its United States public disclosure filings may be accessed via www.sec.gov, and readers are urged to review these materials.
SOURCE FEC Resources Inc.