Standard Chartered Bank (SCB) has extended an existing bridge facility for coalbed methane (CBM) operator and developer, Far East Energy Corp.
Far East Energy Corp. operates the Shouyang CBM production sharing contract in China’s Shanxi Province.
The maturity date of the bridge facility has been extended into September 15, from the previous maturity date of July 15.
The extension of the maturity date will allow Far East Energy Corp. breathing space to continue operations at its CBM fields.
Commenting on the extension, CFO of Far East Energy Corp., Jennifer Whitley said: “We are pleased with the continuing support offered by SCB as management continues its ongoing discussions with various third parties.”
The company will continue to advise its shareholders at appropriate times as developments progress.
CBM gas production from the Shouyang Block has averaged 1.91 million ft3/day for the first nine days of July, with production rates mirroring those rates previously reported for the months of May and June.
Written by Sam Dodson
Read the article online at: https://www.worldcoal.com/cbm/14072014/far_east_energy_corp_in_deal_with_standard_chartered_bank_cbm73/