Company: FECOF
Filing Date: 2025-07-15
Form Type: 20-F
Source: 0001477932-25-005053
Chunk: 23

Company: FEC Resources Inc.
Filing Date: 2025-07-15
Form: 20-F
Item: Item 4
Chunk 23
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8 MMBO since it was put on stream in October 2008.

Gross production for 2024 averaged 1,224 barrels of oil per day (“ BOPD”) from 1,377 BOPD in 2023. Three liftings, totaling 475,183 barrels, were delivered in January, May, and September 2023. For 2024, there have been three liftings completed. The first lifting was completed on February 1, 2024, with a cargo size of 196,826 barrels, the second on April 29 with cargo size of 112,372 barrels, and the third commenced on September 30 and was completed on October 1, 2024, with a cargo size of 188,970 barrels.

For the first half of 2025, Galoc produced 204,503 barrels of oil, or an average of 1,130 BOPD, compared to 1,255 BOPD in the first half of 2024. This represents a 10.5% decline year-on-year.

The field’s profitability is expected to continue over the next 2-3 years, subject to effective cost management, operational efficiency, high oil prices, and sustained performance of the remaining production wells, Galoc-5 and Galoc-6. FEPC has a 3.2103% participating interest in the block.

On May 7, 2020, GPC informed the DOE of the cessation of operations for Galoc Field, starting September 24, 2020. This followed GPC’s receipt of a Notice of Termination from Rubicon Offshore International (“ ROI”), the owner of the floating production storage and offloading (“ FPSO”) vessel, Rubicon Intrepid. GPC also requested approval of the initial drawdown from the fund set-up under the DOE-approved Galoc Decommissioning Plan (“ DP”) for implementing the field suspension plan. However, in September 2020, the Galoc Joint Venture (“ JV”) negotiated with ROI to sell the Rubicon Intrepid, allowing the Galoc Field to continue production beyond the original cessation schedule of September 24, 2020. Tamarind Resources, the owner of GPC, established a subsidiary, Philippines Upstream Infrastructure (“ PUI”), to acquire the FPSO from ROI. GPC and ROI then signed a Transition Operations and Maintenance (“ O& M”) contract enabling ROI’s crew to manage FPSO operations during a six-month transition period. Following this