Far East Energy Corp. (OTC Markets: FEEC) has announced the following coalbed methane (CBM) drilling progress on its Shouyang Block, located in Shanxi Province, Peoples Republic of China (PRC).
A summary of the key developments through May 5, 2013 includes:
- Wells spudded in 2013: 13 (seven production wells and six appraisal wells)
- Wells that have reached total depth in 2013: four (three production wells and one appraisal well, with one of these spudded in 2012)
- Wells drilling at present: 10 (four production wells and six appraisal wells)
- Wells in line for fracturing: 10 (nine production wells and one appraisal well; fracing program planned for May/June)
- Well locations where pads have recently been constructed or are under construction prior to rigging up: nine
- In addition, the company has completed its review of requested technical analyses commissioned from third party engineering firms to ascertain both optimal drilling locations for this year's drilling program, as well as optimal frac designs. Results are being incorporated in the drilling and completion program.
Since April 18, 2013 , the number of wells being drilled has increased from five to 10 wells, and two of the five wells that were drilling 17 days ago have now reached total depth and finished drilling. The two rigs that were drilling these recently completed wells have moved or are now moving to new locations; and thus 12 rigs will soon be drilling (10 drilling now, plus these two existing rigs moved/moving to new locations), representing an increase of seven rigs over and above the five rigs that were drilling on April 18. Additionally, new pads for drilling are being constructed on a continuous basis, with nine either currently awaiting rigs, or being completed, and more to be commenced in the near future. It is believed that nine additional rigs will be drilling in the next 15 days, bringing the total at that time to twenty-one.
"We are drilling at a more rapid pace than ever before, with the advantage of more data and analysis than heretofore available, and currently target drilling approximately 70 new production wells this year and 25 or more appraisal wells," commented Mike McElwrath, president and CEO of Far East Energy.
Based in Houston with offices in Beijing and Taiyuan City, China, Far East Energy Corp. is focused on coalbed methane exploration and development in China.
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