Far East Energy Corporation (OTC:FEEC) has released an update on its agreement with Arrow Eenrgy International Pte Ltd (AEI). Subject to the satisfaction of certain conditions, AEI will farm in to a 75.25% operating interest in the company’s interest in the Qinnan Coalbed Methane Production Sharing Contract in the Shanxi Province in China. AEI has invested $10 million into the company so far through an exchangeable note investment.
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Far East Energy Corporation is engaged in the drilling, testing and completion of exploratory coalbed methane gas wells and organizational activities. Arrow Energy International is a subsidiary of Arrow Energy Limited, an Australian CBM producer. The two companies formed an alliance on March 13, 2009 related to the Qinnan Block.
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