Far East Energy Corp. (OTC: FEEC), the company that operates the Shouyang Block coalbed methane (CBM) production sharing contract (PSC) in Shanxi Province, People's Republic of China, has provided an update on operations.
Since the last release of October 30th, the company has fraced seven additional wells, of which 6 are production wells and one an appraisal well, bringing the total number of wells fraced so far this year to 65. Of this combined total, 57 are production wells and eight are appraisal wells.
The company is continuing to drill new wells with five wells in the process of being drilled, one of which has been completed and is awaiting perforation.
As the company reported in its press release of October 30th, critical desorption pressure (CDP) has been reached in a number of discrete locations, as a result of the ongoing de-watering process.
CEO Mike McElwrath said, "In the first seven days of November, our field team fraced wells at a rate of one well per day while preparing additional wells for the fracing and pumping process. And since mid-June when the first new wells began pumping, water production in the 1H Production Area has increased by approximately 96%. The hard work of this year is now evident across much of the core production area, as we see initial gas in an increasing number of wells."
The company is based in Houston with offices in Beijing, and Taiyuan City, China.
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