Company: FECOF
Filing Date: 2025-07-15
Form Type: 20-F
Source: 0001477932-25-005053
Chunk: 26

Company: FEC Resources Inc.
Filing Date: 2025-07-15
Form: 20-F
Item: Item 4
Chunk 26
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 SC 14C-2 Consortium, submitted a proposal to drill a well and to conduct an EWT on West Linapacan A in exchange for acquiring an additional 62.721% of the Filipino partners’ current participating interest. Under the proposal, Nido will have a post-farm-in interest of 85% while the Filipino partners will retain 15%. On October 28, 2022, the Filipino partners submitted a counter-proposal for sharing the proceeds during production. A draft Farm-in Agreement/Heads of Agreement has been prepared and, as of September 30, 2024, remains under Nido’s consideration.

On December 20, 2024, Philodrill submitted the WP& B for 2025 to the DOE. The firm program includes the preparation of a plan and design study for a new well, West Linapacan A-7, and a POD for the West Linapacan A Field. The study is expected to take 4 to 6 months, with an estimated total cost of $225,000.

The current term of SC 14C-2 is set to expire on December 17, 2025. Prior to that date, the Consortium plans to surrender the license and apply for a DP PSC, as the block qualifies due to the declared reserves in the West Linapacan A Field. Currently, the Joint Venture is about to undertake a POD study for the West Linapacan A Field, which is expected to be completed by late September or early October. Based on the results of this study, the group intends to immediately apply for a new contract covering an expanded block that will include the West Linapacan A and West Linapacan B fields.

Octon Block (former SC 6A)

In 2018, Philodrill completed the seismic interpretation/mapping work on the northern sector of the block using the PSDM 3D volume. The evaluation focused on the Malajon, Salvacion, and Saddle Rock prospects. The Malajon and Saddle Rock closures were previously tested by wells that encountered good oil shows in the Galoc Clastic Unit (“ GCU”) interval. However, no drill stem tests were conducted in this interval due to operational constraints. A seismic attribute analysis of the prospects was completed the following year, aimed at characterizing the target reservoirs and determining their distribution in terms of porosity, thickness, and lithology.

In June 2020, LMKR