FEC Resources Inc. (OTCBB: FECOF) - Friday's shares went down 5.00% to $0.0380 with a total of 26,200 shares traded. On July 20, FEC RESOURCES INC. announced that its coal production program has now commenced and an aggressive acceleration program has been initiated by the groups new Chief Executive. In a release to the London Stock Exchange this morning, the UK energy group released news that its Naga coal mine operations in Central Cebu have entered into commercial production. First sales are targeted for August and a further four shafts at Naga are planned to raise production to circa 300,000 tonnes a year by the end of 2008. Current regional prices are in excess of US$40 per tonne. "The commencement of coal production represents a major step forward in providing early cash flow. The coal development has been accelerated to take advantage of the infrastructure which has already been put in place. This will maximise value to shareholders and at today's prices the predicted revenues from Naga based upon conservative production figures, will yield approximately US$12million per year by the end of 2008. A similar development programme at Dalaguete, our Southern Cebu coal contract, is planned for 2007. This is also anticipated to generate comparable revenues at peak production." "We see this initial development of our reserves as the start of a continuing revenue generating operation. With this in mind Forum has already applied for two additional coal production licences in the Naga area."
FEC Resources, Inc. is an independent company listed on the NASD OTC Bulletin Board (FECOF) and the Frankfurt and Munich Stock Exchanges (FE8) FECR currently owns 36.7% of Forum Energy Plc (FEP) a UK company incorporated in April 2005 through the consolidation of the Philippine assets of Forum Energy Corporation and Sterling Energy Plc (SEY) of the UK. FEP has recently closed a US$6.2m pre-IPO financing and a US$19.35m IPO financing and is listed on the AIM market of the London stock exchange. The estimate for potential unrisked reserves within the collective licenses held by FEP totals some 900 mmbbls of oil and 5,500 BCF of gas. On a risked basis the potential reserves from the three discoveries are estimated to be 2,330 BCF of gas and the estimated risked reserves from prospects within the licenses sum to 93 mmbbls or 320 BCF in a gas case. Proven and probable coal reserves are 4.9 million tons.
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|Autor (Datum des Eintrages):||hainholz (06.09.06 14:41:38)|
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