Varie
Far East Energy Announces Extension of Exploration Period for Shouyang Block Area B and Increased Gas Production
Commenting, CEO Mike McElwrath said, "CUCBM has exceptionally capable new senior leadership, and, building upon our historically good relations, Far East and CUCBM were able to quickly reach this accord. We could not be more pleased with our partnership with CUCBM, and look forward to the continued exploration and analysis of Area B through June 30, 2016 . The primary impact of this extension is to allow additional time to establish Chinese resources, thereby providing further assurances of our ability to retain the acreage to the PSC's expiration in 2032."
The Company also announced that there has been a significant increase in gas production in recent weeks. As of December 12, 2013 , gas production has risen to over 1 million cubic feet per day, and now stands at 1,034,038 cubic feet per day (1,034Mcf/pd). Average production for the 7 days ending December 12, 2013 was 957.65 Mcf per day, representing a 30% increase over production for the week ended November 12, 2013 , during which production averaged 738 Mcf/pd.
Based in Houston, Texas , with offices in Beijing , and Taiyuan City, China , Far East Energy Corporation is focused on coalbed methane exploration and development in China .