Since the last Operations Update call on April 18, 2013 , the number of wells being drilled has increased from five to ten wells, and two of the five wells that were drilling 17 days ago have now reached total depth and finished drilling. The two rigs that were drilling these recently completed wells have moved or are now moving to new locations; and thus twelve rigs will soon be drilling (10 drilling now, plus these 2 existing rigs moved/moving to new locations), representing an increase of seven rigs over and above the five rigs that were drilling on April 18 . Additionally, new pads for drilling are being constructed on a continuous basis, with nine either currently awaiting rigs, or being completed, and more to be commenced in the near future. It is believed that nine additional rigs will be drilling in the next 15 days, bringing the total at that time to twenty-one.
"The 2013 Drilling program is close to hitting full stride now, after a deliberate slowing of the early pace to allow time for both internal and external analysis to optimize well location, frac design, cementing process and quality, and well spacing," commented Mike McElwrath, President and CEO of Far East Energy. "We are drilling at a more rapid pace than ever before, with the advantage of more data and analysis than heretofore available, and currently target drilling approximately 70 new production wells this year and 25 or more appraisal wells."