FEEC Further Extends Maturity Date of Loan Facility with SCB
Far East Energy Corporation, the U.S. listed company that operates the Shouyang Coalbed Methane (CBM) Production Sharing Contract (PSC) in Shanxi Province, China, announced Thursday a further extension of the maturity date of its existing Facility Agreement with Standard Chartered Bank (SCB).
The maturity date of the Facility Agreement with SCB has been extended to Dec. 5, from the previous maturity date of Oct. 31.
Commenting, CFO Jennifer Whitley said, “This further extension underlines SCB’s continued support for the company, as management continues its ongoing strategic discussions with various third parties.”
Far East Energy Corporation (FEEC) will continue to advise its shareholders at appropriate times as developments progress.
New Gas Facility Completed Adjacent to FEEC’s Gas Sales Compressor Station
The construction of a large scale gas consuming facility adjacent to FEEC’s final compressor station has now been completed and put into operation. The complex comprises a combined cycle power plant, and an LNG plant, designed to use CBM as a gas supply. Additionally, the complex can also supply vehicles with CNG.
The power plant is the largest peak load provider in Shanxi Province and was completed in just under two years, highlighting Shanxi Province’s commitment to improving its environment by utilizing more natural gas and less coal in its energy mix. The facility has the ability to consume up to 35.31 billion cubic feet (1 Billion cubic meters) of natural gas per year, ensuring a strong future demand for CBM gas in the Shouyang area. Gas from FEEC’s Shouyang project is already being dispatched to this new facility.
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- FEEC Gets Extension on Maturity Date of Facility Agreement with SCB (Dec 01)