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

Company: FEC Resources Inc.
Filing Date: 2025-07-15
Form: 20-F
Item: Item 4
Chunk 25
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 and Production Petroleum Service Contracts (“ DP PSC”) through direct negotiations. It took effect on January 3, 2024. The DP PSC covers expiring service contracts but with ongoing production or producible petroleum reserves as validated by the DOE. It will have an initial term aligned with the period necessary to produce the recoverable oil or gas reserves declared in the DOE-approved Plan of Development (“ POD”). The contract may also be subject to renewal for an additional period based on mutually agreed terms and conditions.

SC 14C-1 qualifies for the issuance of a new DP PSC to continue production beyond December 2025, which is the end of the SC’s term. The documents for the DP PSC application were submitted to the DOE in March 2025 and are currently under review by the agency.

SC 14C-2 West Linapacan

Block C-2 has an area of 176.5 square kilometers and contains the West Linapacan A and B structures. The Consortium headed by The Philodrill Corporation (“ Philodrill”) continues with its evaluation of the viability of redeveloping the West Linapacan A Field, which was discovered in 1990 and produced around 8.5 MMBO from 1992 before being shut-in in 1996.

In 2018, Philodrill completed the mapping and interpretation of reprocessed 3D seismic data, focusing on the West Linapacan B structure, which was drilled in 1991. The SC 14C-2 and SC 74 Consortia conducted joint Rock Physics and QI studies in 2019 using existing 3D seismic and well data, with Ikon Science completing the initial phase in October 2019. However, only the SC 74 JV proceeded with the second phase of the QI Study.

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In September 2021, the Consortium began a technical study on the West Linapacan B Field, including geologic data review, well log digitization, reservoir modeling, and resource estimation. Phase 1, completed in November 2021, indicated that a stand-alone development for West Linapacan B was not economically viable. Phase 2 explored a joint development of the West Linapacan A and B Fields, concluding that feasibility depended on recoverable reserves, development costs, production rates, and oil prices.

On October 20, 2022, Nido Petroleum, a current member of the