far east energy corp (FEEC) Key Developments
Far East Energy Announces New $4 Million Facility Agreement and an Extension of its $1.4 Million Term Loan Facility
Jun 29 15
Far East Energy Corporation announced that Far East Energy (Bermuda) Ltd. has entered into a $4 Million Term Loan Facility Agreement (TLFA), effective June 26, 2015, with the lenders party thereto and further announced that an extension of the maturity date of the existing $1.4 Million Original Term Loan Facility Agreement (OTLFA) that FEEB entered into on February 24, 2015 with the lenders party thereto. The new TLFA matures on October 8, 2015 and provides for an aggregate principal amount of $4 Million to be borrowed, subject to the terms, conditions and repayment obligations of the TLFA. No stock, warrants or other equity securities will be issued to the lenders in connection with the TLFA. Net proceeds from the TLFA will be utilized for certain working capital purposes as required by the TLFA. The majority of the net proceeds are targeted to cover certain operational expenses and payables as the Company continues to work through strategic discussions. Further, the maturity date of the $1.4 Million OTLFA has been extended to July 27, 2015 from its previous maturity date of June 26, 2015.
Far East Energy Corp. Provides Updates of Shouyang Coalbed Methane Production Sharing Contract
Jun 3 15
Far East Energy Corporation that operates the Shouyang Coalbed Methane Production Sharing Contract (Shouyang PSC) in Shanxi Province, People's Republic of China, provides the following updates. Production volumes for the Shouyang PSC during the first quarter of 2015 were approximately 1.69 million cubic feet per day (MMcf/d), compared to production rates for the fourth quarter of 2014 of roughly 1.84 MMcf/d as last reported on April 2, 2015. As previously reported, management has undertaken broad cost control efforts to effectively manage operating and overhead costs; including, but not limited to, the shutting-in of certain wells, resulting in the somewhat reduced production volumes. However, gas sales operations have continued, and are continuing uninterrupted, with consistent gas sales volumes reported quarter-to-quarter. Sales volumes for the first quarter of 2015 remained constant with an average of 1.53 MMcf/d compared to sales volumes of 1.54 MMcf/d for the fourth quarter of 2014, further underscoring the quality of the Shouyang Block. As reported earlier, the company management, along with its advisors, have been in an ongoing strategic process in which multiple interested parties expressed interest in strategic arrangements including, but not limited to, joint ventures, farm-ins, and an outright sale of the company. Several of these interested parties engaged in lengthy due diligence processes and discussions with company management. Because these strategic discussions are currently ongoing, the blackout period remains effective.
Far East Energy Company Announces Consolidated Earnings Results for the Year 2014
Apr 10 15
Far East Energy Company announced consolidated earnings results for the year 2014. For the year, the company posted net loss under International Financial Reporting Standards (IFRS) of RUB 3.6 billion versus RUB 1.9 billion in net profit in 2013. The company boosted revenue 10.5% last year to RUB 100.8 billion from RUB 91,216,000. Pretax loss was RUB 4,560,000 against pretax profit of RUB 1,288,000 a year ago. The company told that it posted losses partly because of an increase in consumer arrears for electricity.
Far East Energy Corp. announced delayed annual 10-K filing
Apr 1 15
On 04/01/2015, Far East Energy Corp. announced that they will be unable to file their next 10-K by the deadline required by the SEC.
Far East Energy Announces an Extension of Existing Loan Facility with Standard Chartered Bank
Jan 15 15
Far East Energy Corporation announced 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 February 13, 2015, from the previous maturity date of January 15, 2015.