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FAR EAST ENERGY CORPORATION COMPLETES FOURTH HORIZONTAL WELL IN THE SHOUYANG BLOCK IN CHINA
Houston, Texas - November 20, 2006 – Far East Energy Corporation (OTCBB: FEEC) announced today that it has completed drilling its fourth horizontal well, FCC HZ04, in the Shouyang Block of its Shanxi Province Project in China. The horizontal well bore was drilled 750 meters through the No. 15 coal seam and dewatering is expected to begin as soon as the necessary equipment is moved to the well site.
“We are very pleased to have the HZ04 well drilling process completed,” said Michael R. McElwrath, CEO and President. “With our first horizontal coalbed methane wells, we believe we have discovered an uncommon and highly desirable combination of high permeability and high gas content. High permeability in conjunction with high gas content and sufficient pressure generally results in higher gas production rates sustainable over a longer period of time. The same high permeability that allows gas to move with greater ease through the coal and from greater distances to the well, also means that water can move to the well from greater distances and it will take longer to dewater.
“We believe the key to realizing the potential benefits of high permeability and to achieving maximum production at the earliest possible date is to drill a pattern of additional wells in the area of our first wells as rapidly as possible in order to accelerate dewatering. The HZ04 well is strategically located to take advantage of what we believe is a highly gas-saturated part of the coal seam. We believe this well is also aligned to benefit both the HZ01 and HZ03 wells in terms of dewatering, and we expect to drill the next Shouyang wells nearby in that same well pattern.”
Far East Energy said today it is finalizing plans to begin drilling the FCC HZ05 horizontal well adjacent to the HZ04 well to enhance what the Company believes is the potential for gas production in that grouping of wells. The Company expects to begin drilling on FCC HZ05 as soon as possible. The Company expects to follow the HZ05 with several additional wells to be drilled nearby in that same well pattern.
wieder mal new's:
Far East Energy Corporation Announces Drilling Update and Successful Negotiation of New Terms for China PSCs
Houston, Texas, January 11, 2007– Far East Energy Corporation (OTC BB:FEEC) announced today that it recently commenced drilling operations on its fifth horizontal well, FCC HZ05 in the Shanxi Province, maintaining the momentum of the drilling program for the Shouyang Block focus area containing high gas and high permeability. This next horizontal well is being drilled in the same pattern as the HZ01, HZ03, and HZ04 wells, in order to provide the greatest benefit to the dewatering process. Far East Energy also indicated that while the dewatering process is continuing for the HZ01, HZ02, HZ03 and HZ04 wells, the HZ01 and HZ03 wells continue to provide continuous gas flow.
The gas content and permeability in Far East’s initial wells is very high based on well data obtained to date. High permeability allows gas to move with greater ease through the coal and from greater distances to the well, and can result in prolific wells similar to those in America’s San Juan Basin or Australia’s Fairview Field. However, high permeability also means that water can move to the well from greater distances and it will take longer to dewater. The key to capitalizing upon the advantages offered by high permeability and high gas content, and to achieving maximum production at the earliest possible date, is to drill a pattern of additional wells as rapidly as possible in the focus area.
“We are excited to have the HZ05 well underway because each additional well drilled in this area should move us closer to our goal of achieving production,” said Michael R. McElwrath, CEO of Far East. “The Fairview Field in Australia is a very productive field that may be a good analog to what we have discovered in our Shouyang focus area. There, because wells were steadily drilled in a pattern around the first Fairview Field wells, dewatering was enhanced and wells that initially had low flow rates due to the lengthy dewatering period, steadily ramped up to significantly higher gas production rates sustained over many years. Of course, until we achieve sustained production from our wells, we cannot be sure if their performance will mirror that of the Fairview Field.”
FEEC konnte sich erholen von 0.6EUR auf über 0.8EUR, der 14.2. wird ein wichtiger Tag. Hier News:
Far East Energy Corporation Announces China Drilling Update and CEO Webcast
HOUSTON, Feb. 13 /PRNewswire-FirstCall/ -- Far East Energy Corporation (OTC Bulletin Board: FEEC) announced today that it recently completed drilling operations on its fifth horizontal well, FCC HZ05, in the Shanxi Province, maintaining the momentum on the Shouyang Block focus area containing high gas and high permeability. The total vertical depth of the FCC HZ05 was 472.4 meters or 1,550 feet, and the horizontal portion of the well completed in the targeted Number 15 coal seam totaled approximately 700 meters or 2,300 feet. This well was drilled in the same pattern as the HZ01, HZ03, and HZ04 wells with the objective of providing the maximum potential benefit to the dewatering process. Dewatering of the HZ05 will begin as soon as possible, supplementing the ongoing dewatering process for the HZ01, HZ02, HZ03 and HZ04 wells.
The gas content and permeability in Far East Energy's initial wells in the Shouyang Block focus area are very high based on well data obtained to date. High permeability allows gas to move with greater ease through the coal and from greater distances to the well, and can result in prolific wells similar to those in America's San Juan Basin or Australia's Fairview Field. However, high permeability also means that water can move to the well from greater distances, and it will take longer to dewater. The key to capitalizing upon the advantages offered by high permeability and high gas content, and to achieving maximum production at the earliest possible date, is to drill a pattern of additional wells as rapidly as possible in the Shouyang focus area.
"The completion of the HZ05 is another milestone in the patterned development plan designed to capitalize upon the great potential that often accompanies areas of high gas content coupled with high permeability," said Michael R. McElwrath, CEO of Far East Energy. "Developing a pattern of closely spaced wells, all working together to dewater a compressed area, should speed up the timeline with the goal of ultimately releasing gas across the entire pattern of wells under development in the Shouyang focus area."
The vertical well data obtained in the fourth quarter of 2006 is being used to assist in determining the location of the likely horizontal well in the No. 3 coal seam in the Qinnan Block. Depending on the results of the vertical well, Far East Energy must then, prior to June 1, 2007, either begin drilling one horizontal well or drill an equivalent number of vertical wells in the Qinnan Block. Contingent upon initiation of this development program, CUCBM has agreed in principle to sign a request for extension of the exploration phase from July 1, 2007 to July 1, 2009, subject to Ministry of Commerce approval.
The Company is in the process of drilling two new vertical wells in the Yunnan project, with the first of those two wells almost completed. The exploration period requires the drilling of the two vertical wells with an additional requirement to expend approximately $670,000 in exploration costs from January 1, 2007 to June 30, 2007. These wells will target the Nos. 7 and 8 coal seams in the Yunnan project acreage, which we believe are thicker than other prospective coal seams. Once the Company begins the work program as described above, CUCBM has agreed in principle to a two year extension agreement for the exploration period of this PSC, subject to final approval of the Ministry of Commerce.
Investor Conference Call
Far East Energy Corporation (OTC Bulletin Board: FEEC) will host a China operational update Webcast with CEO Michael McElwrath on Wednesday, February 14 at 11:00 a.m. Eastern.
What: China Operations Update and Investor Q&A Webcast
When: Wednesday, February 14, 2007 at 11:00 a.m. Eastern Standard Time
How: Live over the Internet -- Via the Far East Energy website
Investor Relations Contact:
Far East Energy's operations include the Shouyang and Qinnan Blocks, which are part of 1,057,650 acre coalbed methane (CBM) project in Shanxi Province that Far East holds under farmouts from ConocoPhillips. Including its 264,863 acre project in Yunnan Province, the CBM concessions of Far East Energy contain a land mass slightly larger than the State of Delaware. The Shanxi properties are strategically located next to China's two largest pipelines leading to the industrial centers of Shanghai and Beijing.
Far East Energy Corporation
Based in Houston, Texas, with offices in Beijing, Kunming, and Taiyuan City, China, Far East Energy Corporation is focused on CBM exploration and development in China through its agreements with ConocoPhillips and China United Coalbed Methane Company, Ltd. (CUCBM).
Statements contained in this press release that state the intentions, hopes, beliefs, anticipations, expectations or predictions of the future of Far East Energy Corporation and its management are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. It is important to note that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties. Actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include: the preliminary nature of well data, including permeability and gas content, and commercial viability of the wells; risk and uncertainties associated with exploration, development and production of oil and gas; drilling and production risks; our lack of operating history; limited and potentially inadequate cash resources; expropriation and other risks associated with foreign operations; anticipated pipeline construction and transportation of gas; matters affecting the oil and gas industry generally; lack of availability of oil and gas field goods and services; environmental risks; changes in laws or regulations affecting our operations, as well as other risks described in our Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission.
Bill Conboy / Vice President
CTA Integrated CommunicationsBill@ctaintegrated.com
SOURCE Far East Energy Corporation
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