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Far East Energy Receives ODP "Road Pass" Approval
This is an important milestone for the Company and for the Shouyang CBM project. In its approval, the NEA stated that "This project is a key construction project in the national CBM industry development planning," underlining the Shouyang Block's significance in the development of the CBM industry in China.
Receipt of the "Road Pass" is a major milestone allowing the Company to proceed with important infrastructure processes and preparations (including land, grid power, environmental protection and related preparations) in Area A while awaiting final regulatory approval.
Area A, which contains most of the Company's proved reserves, will officially exit the exploration period and commence the development period when the ODP receives final regulatory approval, which is expected during 2015.
Commenting, CEO Mike McElwrath said, "The Company is very pleased with the fast approval of its CBM ODP 'Road Pass,' which was granted, from submission to approval, within a few short months, underscoring the importance of the Shouyang CBM project."
As previously disclosed, the Company is in a blackout period. As a result of the ongoing discussions, the blackout period remains in effect. The company will update the public as conditions warrant.
Based in Houston, Texas , with offices in Beijing, China , Far East Energy Corporation is focused on coalbed methane exploration and development in China .