Fortune Oil has revealed two significant developments relating to the Liulin coal bed methane business.
Fortune said that Dart Energy had exercised its option to increase its equity stake in Fortune Liulin Gas Ltd from 45% to 50% for a cash consideration of $4m.
The cash will be used to fund part of the ongoing work ...
The newly spudded wells are the SYE-16, a new appraisal well, and the 62-2V, an additional production well, bringing to 16 the number of wells spudded thus far in 2013.
Based in Houston, Texas, with offices in Beijing, and Taiyuan City, China, Far East Energy Corp. is focused on coalbed methane exploration and development in China.