Shareholders should be aware that the drilling of two wells will require a significant amount of funding by those involved in SC 72, including FEL and this could result in FEL being diluted in SC72 or FEC being diluted in FEL or both.įEC cautions that this release contains forward-looking statements, including, without limitation, statements relating to the use of funds and the drilling of two exploratory wells by FEL. The proceeds from the sale will be used to fund FEC's share of FEL's pre drilling costs referred to above and any remaining funds will be used for working capital purposes. To fund this amount FEC has today sold the FEL loan it owns to PXP Energy Corporation, at face value plus accrued interest. FEL has submitted a pre-drilling costs funding request FEC's share of which will be approximately $224,400. (OTC Pink: FECOF) ("FEC" or the "Company") announces that Forum Energy Limited ("FEL") continues with its preparations for the drilling of two exploratory wells on Service Contract 72 ("SC 72") by June 2022 as required to keep SC 72 in good standing. November 10, 2021) - FEC RESOURCES INC. Vancouver, British Columbia-(Newsfile Corp.
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