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Far East Energy Corporation announced that it had entered into an amendment to its bridge facility agreement with Standard Chartered Bank that, among other things, extends the date upon which the company is required to provide Standard Chartered Bank with evidence of approval by the Ministry of Commerce, the governmental ministry of The People’s Republic of China, of the extension of the company’s Shouyang Production Sharing Contract (PSC) in Shanxi Province, Qinshui Basin.
The amendment extends the deadline from May 30, 2012 to August 28, 2012. Before June 30, 2012, the company must provide Standard Chartered Bank a satisfactory update from China United Coalbed Methane Corporation of the status of the approval of the extension of the PSC.
Commenting on the amendment, Michael R. McElwrath, CEO and President of Far East Energy, stated: “We believe that this extension provides us with runway to continue to work with China United Coalbed Methane Corporation (CUCBM), our Chinese partner, in securing the final regulatory approval of the extension of our Shouyang PSC and that we are gratified by the level of effort put forth by CUCBM through this process.”
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