The company said it has made an initial draw of $17.87m in anticipation of first half 2012 operations and to pay finance costs and related expenses.
Far East Energy recently signed a modification deal to its Shouyang production sharing contract (PSC), which will extend the PSC’s exploration period.
Far East Energy chairman and CEO Michael McElwrath said with the signing of the extension and the availability of this loan facility, the company has the running room necessary to tap Shouyang’s vast potential.
