Company: FECOF
Filing Date: 2025-07-15
Form Type: 20-F
Source: 0001477932-25-005053
Chunk: 22

Company: FEC Resources Inc.
Filing Date: 2025-07-15
Form: 20-F
Item: Item 4
Chunk 22
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 budget for 2024 that includes the conduct of a magnetotelluric (“ MT”) survey over the Dalingding Prospect. The survey aims to define the top of the carbonate target and help determine its depth from surface. The results will be used to further refine the Dalingding-2 drilling program.

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MT equipment testing and data acquisition in Daanbantayan, Cebu commenced on June 14, 2024, and was completed on September 2, 2024. A total of 30 stations were acquired on two parallel lines oriented in a NW-SE direction, and 20 stations on one perpendicular line oriented in a NE-SW direction.

The MT survey set-up consisted of four electric field probes buried in north, east, west, and south directions, connected to a car battery-powered ADU-07e (recording unit) via a 20-50m cable. Daily data acquisition ran at one station per day for an average of 6 hours and 46 minutes. A quick quality control check was conducted at the end of the day to identify any potential issues or errors in the acquired data and to pinpoint stations that require resurveying.

The initial results of the MT data processing and interpretation were presented by FEI’s consultant on October 31, 2024. It was found that, while the reef trap structure was not well imaged, the average top depth structure identified agrees with previous studies. The data, however, will have to undergo further processing due to a high amount of cultural noise. Once completed, the information obtained will be correlated with existing seismic, gravity, magnetic, and well data in the area and will also be used to refine the drilling program for the Dalingding Prospect. The final report by the consultant is expected by late February 2025.

On December 23, 2024, the proposed WP& B for 2025 was submitted to the DOE. It has a firm program that includes the continuation and finalization of the MT survey data processing and interpretation, and the technical re-evaluation of the Dalingding prospect, wherein the MT data will be integrated to existing geologic, geophysical, and well data. The DOE approved the 2025 WP& B on January 7, 2025.

SC 14 C-1 Galoc

Block C-1 Galoc has an area of 164 square kilometers and contains the Galoc Oil Field, which has already produced about 24.