Past year: ▼ 71%(2.00c – 7.00c USD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Dec 2011debt financing● NeutralMajor
Standard Chartered provided a $25 million facility to the Bermuda subsidiary, guaranteed by the parent, for Shouyang project costs - the company's first bank debt and, over the next four years, the obligation it spent most of its energy refinancing. The initial term was just nine months.
14 Mar 2011capital raising announcement▼ BadMajor
Arrow's $10 million exchangeable note - now held by Dart Energy after Arrow was broken up - fell due and could not be repaid; the maturity was pushed to September 2011, with Dart free to convert into shares at any time. The 2009 rescue had become a debt the company had to keep rolling.
11 Mar 2011material agreement● NeutralMajor
Shares were sold at $0.5025 through Religare Capital Markets, a rare raise at a higher price than the last, on the back of progress at Shouyang.
20 Aug 2010material agreement▼ BadMajor
Macquarie placed 105.5 million shares at $0.33 - a raise so large relative to the company that it roughly doubled the share count, at a third of the price paid a year earlier.
16 June 2010material agreement▲ GoodMajor
A gas sales contract was signed for coalbed methane from the Shouyang block, between state partner CUCBM and a Shanxi provincial gas group - the first firm route to market for gas Far East Energy had been drilling for since 2003.
9 Mar 2010material agreement▼ BadMajor
Three months later the company raised again, selling stock and warrants at $0.43 a share through Rodman & Renshaw. The price kept falling and the raises kept coming.
23 Dec 2009material agreement▼ BadMajor
Far East Energy sold units of five shares plus a two-share warrant at $2.12 through Pritchard Capital in a registered offering off its shelf - roughly 42 cents a share, a fraction of the $2.61 the World Bank's investment arm had paid two years earlier.
23 Nov 2009material agreement▼ Bad
The Arrow deadline slipped a second time, to December 2009. The pattern of unmet conditions that had dogged the drilling contracts was now affecting the partnership meant to fix them.
7 Oct 2009director officer appointment▼ Bad
The Arrow farmout missed its first deadline: the conditions to handing over the Qinnan interest were pushed from October to November 2009, and interest started running on Arrow's $10 million note.
27 Aug 2009material agreement▲ GoodMajor
China's commerce ministry approved extensions taking the exploration periods on both the Shouyang and the Yunnan blocks out to June 2011, buying nearly two more years to prove up gas.
16 Mar 2009capital raising announcement▲ GoodMajor
Far East Energy brought in Australian coalbed methane producer Arrow Energy as a partner: Arrow paid $10 million for an exchangeable note issued by the Bermuda subsidiary plus warrants over 7.4 million shares, and was to receive 75.25% of the company's rights in the Qinnan block. Cash and a credible operating partner at the depth of the financial crisis - but it handed away three quarters of one of its three blocks.
10 Sept 2008director officer appointment● Neutral
Exploration head Alex Yang was moved to China on a new two-year contract as senior vice president of the Bermuda subsidiary, continuing the shift of senior staff from Houston to the operations.
28 Aug 2008director officer appointment▼ Bad
Randall Keys resigned as chief financial officer after a year, replaced by Andrew Lai, the company's own controller, treasurer and former general counsel. The third finance chief since 2007.
5 June 2008material agreement● Neutral
A warrant agreement was put in place covering warrants running to May 2013, exercisable only while a registration statement is effective and callable by the company after May 2009.
13 Mar 2008director officer appointment▲ GoodMajor
Phil Christian, a BP operations manager with Russian project experience, was appointed president, chief operating officer and country manager of the Bermuda subsidiary - a heavyweight operator brought in to get the China wells drilled.
10 Jan 2008director officer appointment● Neutral
Lucian Morrison joined the board and its audit committee with an option over 188,000 shares, and Don Duttlinger's arrangement with the company ended.
27 Dec 2007director officer appointment● Neutral
The compensation committee adopted a form of restricted stock agreement for future share awards and made the related board and officer arrangements.
4 Oct 2007director officer appointment● Neutral
Randall Keys, already a director, stepped off the board to become chief financial officer, filling the seat Bruce Huff vacated three weeks earlier.
13 Sept 2007director officer appointment▼ Bad
Finance chief Bruce Huff resigned, ending the employment agreement rewritten in December 2004 and starting a run of four different chief financial officers in eight years.
27 Aug 2007material agreement▲ GoodMajor
The World Bank's International Finance Corporation bought $15 million of stock - 11.5 million shares plus warrants at $2.61 - putting a development-finance institution on the register. The most credible endorsement the company ever received, and its largest single cheque to that point.
28 June 2007material agreement▲ GoodMajor
China's commerce ministry approved all three exploration-period extensions signed in April, giving Far East Energy legally effective extra time on every one of its blocks.
22 May 2007material agreement● Neutral
Brown's exit was formalised with a release agreement: $12,000 for six months of transition work and $500 a day thereafter.
17 May 2007director officer appointment▼ Bad
Jeffrey Brown resigned as president of the Bermuda subsidiary after eighteen months, his employment agreement terminating with him. The China operating role turned over almost as fast as it had been created.
27 Apr 2007material agreement▼ BadMajor
Three separate modification agreements were signed to extend the exploration periods on the Shouyang, Qinnan and Yunnan production sharing contracts, all subject to Chinese government approval - a company-wide reset of every deadline it had missed.
23 Mar 2007other● Neutral
The board approved a standard form of restricted stock agreement for awards under the 2005 incentive plan - an internal document, despite the filing being tagged as a contract termination.
7 July 2006capital raising announcement● NeutralMajor
Far East Energy raised $8.94 million selling 6.6 million shares privately at about $1.35, paying 6.75% in fees. Another year, another placement, with no revenue yet in sight.
What it means for a shareholder
6.6m new shares at about $1.35 to raise about $8.9m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
17 Mar 2006material agreement▼ Bad
The Shanxi exploration deadline slipped again, from March to June 2006 - the fifth extension of the same obligation in fifteen months.
5 Jan 2006material agreement● Neutral
Chief executive Michael McElwrath's salary was set at $300,000 for 2006 with a $20,000 bonus for 2005, alongside pay awards for other executives.
21 Dec 2005material agreement● Neutral
ConocoPhillips agreed to leave the $1 million drilling guarantee in escrow until March 2006 rather than call it, aligning the escrow with the extended exploration deadline. The penalty was deferred, not lifted.
7 Dec 2005material agreement▼ Bad
The phase-two exploration deadline on the Shanxi blocks was pushed from December 2005 to March 2006, another quarter bought from CUCBM.
