Exploration & Production | Drilling & Completions | Top Story
Far East to Drill Wells Targeting China Shouyang CBM
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Far East Energy Corporation has confirmed the completion and funding of a private placement of $60 million of senior secured notes with a three year term and associated warrants, combined with the decision by Standard Chartered Bank to roll forward $21 million of its existing $25.125 million credit facility (the SCB credit facility) for one year.
"We are thrilled with our new investment group," said Michael R. McElwrath, CEO and President, "and we are also quite pleased that Standard Chartered Bank rolled forward eighty percent of the current SCB credit facility and is continuing its strong support of the Company and its Shouyang Project. Access to this combination of capital provides the funding for a major drilling program that should enable the company to realize much of the vast…
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