Pan Orient Energy Corp.: Operations Update

Source Press Release
Company Pan Orient Energy Corp. 
Tags Strategy - Upstream, Upstream Activities
Date August 13, 2019


Onshore Concession L53 (Pan Orient Energy (Siam) Ltd., in which Pan Orient has 50.01% ownership)

Pan Orient Energy Corp. (“Pan Orient”) (POE – TSXV) is pleased to announce that Concession L53 oil sales have continued strong with 3,094 barrels of oil per day (“BOPD”) in July 2019 (1,547 BOPD net to Pan Orient's 50.01% equity interest), up slightly from June and again marking the highest average monthly oil sales ever achieved in Concession L53.   

The July realized oil price was US$62.32, a 2.6% discount to the Brent reference price for crude oil, and gross crude oil sales revenue (on a 100% basis) was US$6.0 million (US$3.0 million net to Pan Orient's 50.01% equity interest), an increase of 14% over June sales revenue.

L53 Drilling

Rig mobilization will start on August 15th for the drilling of a firm two exploration well and one appraisal well program which is expected to commence approximately August 27th.

A second three to four exploration well drilling campaign, focused in the region of the L53-DD oil discovery, is likely to commence in late October to early November, approximately three months earlier than originally anticipated.  


East Jabung PSC (Pan Orient 49% & Non Operator)

The Operator of the East Jabung Production Sharing Contract (“PSC”), Repsol (Indonesia), after consultations with the winning bid rig contractor, now advises of a one month delay for the Anggun 1X exploration well related mainly to the extra piles required to support the rig substructure and mud tanks. It is now expected that the approximate date for mobilization is in early September with drilling to commence 30 to 40 days after the start of mobilization.

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