5 July 2005securities registration● Neutral
FAR EAST ENERGY CORP amended a filing by which it registered a securities offering with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 June 2005material agreement▼ Bad
The deadline to drill the first horizontal well was pushed from June to August 2005, the escrow penalty still hanging over it. ConocoPhillips had by now replaced Phillips China as counterparty.
2 June 2005material agreement● NeutralMajor
Shareholders approved moving essentially all the China business - the CUCBM production sharing contracts and related agreements - into a new Bermuda subsidiary, Far East Energy (Bermuda), Ltd. Every later contract, loan and default in this story sits at that subsidiary rather than the Nevada parent.
25 May 2005securities registration● Neutral
FAR EAST ENERGY CORP registered a securities offering with the SEC.
11 Feb 2005securities registration● Neutral
FAR EAST ENERGY CORP amended a filing by which it registered a securities offering with the SEC.
11 Feb 2005substantial holder notice● Neutral
Name RAB Europe Fund Limited, Name RAB Special Situations LP, Name RAB Partners Limited, Name RAB Capital plc, Name William Philip Richards, Name Michael Alen-Buckley, Name James Palmer reported a FAR EAST ENERGY CORP shareholding of 6.90% of votes in a periodic institutional filing.
7 Feb 2005asset acquisition disposition● NeutralMajor
Far East Energy sold its Montana leases and royalties for $1.135 million, closing out the US asset experiment three years after buying it. From here the company was a pure bet on Chinese coalbed methane.
26 Jan 2005substantial holder notice● Neutral
Jawaharlal Gondi reported a FAR EAST ENERGY CORP shareholding of 8,202,500 shares (10.59% of votes) in a periodic institutional filing.
21 Jan 2005material agreement▼ BadMajor
The escrow securing Far East Energy's drilling obligations to Phillips China was restated to run to end-2005, and to grow by $1.6 million to $2.6 million if the company failed to drill its first horizontal well on time. Missing the deadline would now cost real cash.
19 Jan 2005securities registration● Neutral
FAR EAST ENERGY CORP amended a filing by which it registered a securities offering with the SEC.
10 Jan 2005substantial holder notice● Neutral
Jawaharlal Gondi disclosed a new substantial FAR EAST ENERGY CORP shareholding (10.70% of votes).
10 Jan 2005substantial holder notice● Neutral
Donald Juckett, Thomas Cavanagh disclosed a new substantial FAR EAST ENERGY CORP shareholding (9.60% of votes).
6 Jan 2005capital raising announcement● Neutral
Another $1.8 million of unit subscriptions were accepted, with investors choosing between five shares plus a $1.50 warrant or two shares plus a $2.50 warrant - a menu of terms that shows how hard the money was becoming to raise.
4 Jan 2005director officer appointment▼ Bad
Far East Energy paid $165,000 to settle with director Jawaharlal Gondi and his trust, who resigned and agreed to a two-year standstill barring them from seeking control of the company - a boardroom fight bought off rather than fought out.
3 Jan 2005director interest notice● Neutral
Persistency became a FAR EAST ENERGY CORP 10%+ owner and company insider (initial ownership filing).
3 Jan 2005director interest notice● Neutral
Passlake LTD became a FAR EAST ENERGY CORP 10%+ owner and company insider (initial ownership filing).
28 Dec 2004capital raising announcement● Neutral
Chief executive Michael McElwrath and finance chief Bruce Huff had their employment terms rewritten - base salaries of $236,250 and $168,000 - and options at $2.00 were granted to four executives and an employee, days after the $10.25 million raise closed.
27 Dec 2004capital raising announcement▲ GoodMajor
Overseas investors subscribed $10.25 million for 6.4 million units of two shares plus a warrant exercisable at $2.50, with $820,000 of commissions and 1.5 million agent warrants on top. The money was earmarked for horizontal coalbed methane drilling in China in 2005.
23 Dec 2004material agreement▼ BadMajor
Far East Energy had to renegotiate its farmout agreements with Phillips China on the Qinnan and Shouyang blocks, buying an extension to complete phase one to January 2005 and phase two to end-2005 and reshaping the work programme. The first of what became years of missed drilling deadlines.
21 Dec 2004capital raising announcement● Neutral
Far East Energy sold $250,000 of stock to a single investor and launched a wider unit placement through Bathgate Capital, the start of an almost unbroken decade of equity raising to fund drilling it could not fund from cash flow.
9 Nov 2004securities registration● Neutral
FAR EAST ENERGY CORP amended a filing by which it registered a securities offering with the SEC.
9 Nov 2004late filing notice▼ Bad
FAR EAST ENERGY CORP notified the SEC that its quarterly report would be filed late.
20 Oct 2004financial restatement▼ Bad
The Montana assets bought two years earlier were written down by a further $959,000, forcing Far East Energy to restate its 2003 accounts and its first two quarters of 2004. Management stressed the write-off had no bearing on China, which by now was the whole investment case.
6 Aug 2004director interest notice● Neutral
FAR EAST ENERGY CORP director Of Joseph Cooper Estate received a stock option grant for 1,200,000 shares.
23 July 2004securities registration● Neutral
FAR EAST ENERGY CORP registered a securities offering with the SEC.
22 June 2004director interest notice● Neutral
Randall D Keys became a FAR EAST ENERGY CORP director and company insider (initial ownership filing).
15 June 2004director interest notice● Neutral
John C Mihm became a FAR EAST ENERGY CORP director and company insider (initial ownership filing).
28 May 2004director interest notice● Neutral
Thomas Cavanagh became a FAR EAST ENERGY CORP director and company insider (initial ownership filing).
27 May 2004director interest notice● Neutral
Donald Juckett became a FAR EAST ENERGY CORP director and company insider (initial ownership filing).
10 May 2004director interest notice● Neutral
Bruce N Huff became a FAR EAST ENERGY CORP Chief Financial Officer and company insider (initial ownership filing).