Far East Energy Corporation is pleased to announce a continued rise in gas production from the Shouyang Block since the December 20th release. In addition, the Company also announces that it has entered into an amendment to its existing bridge facility with Standard Chartered Bank extending the maturity date for the facility from January 15, 2014 to April 15, 2014.
Gas production at Shouyang for December 29, 2013 reached 1,569,270 cubic feet per day (1,569 Mcf/d), up 11% from the date of the last release on December 20, 2013, and up 113% from the 738 Mcf/d produced during the week ended November 12, 2013.
Commenting, CEO Mike McElwrath said “The recently completed drilling and fracturing program is proving to be effective in the removal of water in our core area and I am tremendously gratified to see the subsequent rise in gas production. The reservoir response is coming from a combination of our new wells and from older wells, which have responded to the intense de-watering process that our field team has put in place. We are now beginning to see the potential of the Shouyang Block and the production characteristics of a high permeability CBM reservoir.”