North Sydney, Australia--(Newsfile Corp. - December 27, 2018) - FEC RESOURCES INC. (OTC Pink: FECOF) ("FEC") wishes to advise shareholders that it has today been made aware that Forum Energy Limited through Forum (GSEC101) Limited has sent a formal letter of request to the Department of Energy in the Philippines to lift the Force Majeure imposed on Service Contract 72 Recto Bank.
An extract from the letter provided to the Philippine Stock Exchange reads as follows:
"December 21, 2018
PHILIPPINE STOCK EXCHANGE, INC.
6/F Philippine Stock Exchange Tower
5th Avenue corner 28th Street
Bonifacio Global City, Taguig City
Attention: MS. JANET A. ENCARNACION
Head, Disclosure Department
PXP Energy Corporation ("the Company" or "PXP") wishes to inform the Exchange that Forum (GSEC 101) Limited ("Forum GSEC"), has sent a letter of request today to the Department of Energy to lift the Force Majeure imposed on Service Contract 72 ("SC72") Recto Bank.
Forum Energy Limited ("Forum"), in which PXP holds a direct and indirect interest of 78.98%, has a 70% participating interest in SC 72 located in Northwest Palawan, through its wholly-owned subsidiary Forum GSEC. PXP has a total economic interest of 53.1% in SC 72.
Very truly yours,
Mark H. Rilles
FEC's major asset is a 6.8% shareholding in Forum Energy Limited
On behalf of the Board of,
FEC Resources, Inc.
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any natural resources that may be located, variations in the market price of any natural resource products the Company may produce or plan to produce, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, the Company's inability to produce natural resources from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Company's Annual Report on Form 20-F for the year ended December 31, 2017 and its most recent quarterly reports filed with the United States Securities Exchange Commission (the "SEC"), and other information released by the Company and filed with the appropriate regulatory agencies. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and its United States public disclosure filings may be accessed via www.sec.gov, and readers are urged to review these materials.