CUCBMChina United Coal Bed Methane Co. Ltd. (est. 1996)
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CUCBM pledged to invest an additional $100 million into GSN in exchange of a further 10 percent working stake (in addition to an estimated $100 million invested so far); CUCBM pledged to continued cooperation with GDG with complete information sharing across wells drilled on PSCs and all local support; PSC exploration terms extended for an additional two years; GDG expects $250 million further GSS infrastructure investment from CUCBM
The agreement also allows the Company to open a cooperative and positive chapter in relations with CNOOC and CUCBM.
CUCBM will also invest US$250mln to upgrade the infrastructure at the already generating Shizhuang South (GSS) block.
Green Dragon said in October 2013 that nearly 1,500 wells had been drilled on the five permits in China without its knowledge, with the majority, around 1,300, drilled by CUCBM on Shizhuang South (GSS).
Commenting on the Modification Agreement, Mr Wu Wei Feng, President of CUCBM, said that, "CUCBM and Sino Gas have enjoyed a strong working relationship since early in 2006.
Our Modification Agreement with Sino Gas opens up avenues for CUCBM and Sino Gas to cooperate on new coal bed methane, shale gas and other unconventional gas opportunities in the future", said Mr Wu.
A critical part of doing what needs to be done relies on our strong and effective relationships with our PSC partners PetroChina (SHA:601857) (HKG:0857) (NYSE:PTR) and CUCBM.
With additional backing by CNOOC and the significant demand for natural gas in the nearby metropolitan area of Taiyuan City and elsewhere, CUCBM has become even more supportive as together we open a new chapter in CBM development.
We now look forward to MofCom approval of the Modification Agreement covering our important Shouyang PSC, in Shanxi Province, which was also previously agreed to with CUCBM late last year.
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.
McElwrath, President and CEO of Far East Energy, commented, "We share the strong commitment of CUCBM to accelerate the development of CBM resources in China.
Under the terms of the Modification Agreement between Far East Energy and CUCBM, Far East will relinquish the Enhong Block while retaining the 483 square kilometer (119,340 acres) Laochang Block, which it considers to hold much greater potential.