Company: FECOF
Filing Date: 2025-07-15
Form Type: 20-F
Source: 0001477932-25-005053
Chunk: 24

Company: FEC Resources Inc.
Filing Date: 2025-07-15
Form: 20-F
Item: Item 4
Chunk 24
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, GPC entered into a 24-month O& M contract with Three60 Energy, an energy services provider, to take over FPSO operations after the transition period.

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On September 14, 2020, Galoc Production Company 2 (“ GPC2”) withdrew from SC 14C-1 and the Joint Operating Agreement, with the withdrawal becoming effective on December 16, 2020. The majority of the remaining members absorbed GPC2’s interest, including FEPC, which increased its participation from 2.27575% to 3.2103%.

On December 23, 2020, GPC resigned as the SC 14C-1 operator, and the JV elected GPC’s affiliate, NPG Pty Limited (“ NPG”), as its replacement.

On February 1, 2021, Three60 Energy formally assumed operational control of the FPSO, now called Intrepid Balanghai, following the transition period with ROI from September 2020 to January 2021.

In June 2021, the DOE requested that NPG prepare a new decommissioning plan (“ DP”) for Galoc Field’s eventual closure. This DP updated the 2016 Abandonment Plan and the 2020 Suspension & Abandonment Plan, both of which had received DOE approval. Submitted on July 30, 2021, the DP outlines the scope and estimated costs of final field decommissioning, including the FPSO, subsea equipment, and production wells. The total decommissioning cost is projected at $24 million, with $9.5 million allocated for FPSO disconnection and subsea equipment abandonment and $14.5 million for permanent plugging and abandonment (“ P& A”) of the production wells.

In January 2023, Matahio Energy completed the acquisition of NPG, which operates the Galoc Field, and PUI, which owns the FPSO Intrepid Balanghai. In March 2023, ownership of the FPSO was transferred directly from PUI to NPG. Following this transfer, NPG (acting as a corporate entity and not in its capacity as SC 14C-1 Joint Venture Participant) entered into a new bareboat charter with the other JV Partners, including FEPC, for the purpose of continuing production operations at the Galoc Field.

In December 2023, the DOE released Department Circular (“ DC”) no. 2023-12-0033 on the awarding of Development