Pan Orient Energy Corp.: Operations Update

Source Press Release
Company Pan Orient Energy Corp. 
Tags Strategy - Upstream, Upstream Activities
Date October 30, 2019

THAILAND

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

L53-B1 Appraisal Well

Pan Orient Energy Corp. (“Pan Orient” and “the Company”) (POE – TSXV) is pleased to announce that the L53-B1 appraisal well encountered a combined approximately 35 meters of net oil pay within five main sandstone intervals between the true vertical depths of 844 and 1,043 meters. This interpretation is based on open hole wire line logs, oil and gas shows observed while drilling and correlation to the offsetting L53-B producing oil well.

The L53-B1 appraisal well was preceded by the L53-B exploration well which has been on intermittent production since May 2011, producing oil from the K40-A, K30-A and K30-B sandstones. All of these sandstones were found oil bearing in the L53-B1 well and from 6.5 to 12 meters structurally higher. Oil was also encountered in the K30-C and K30-D sandstones in the L53-B1 well, zones in which no reserves had previously been attributed in the year-end 2018 reserve report by Sproule International Limited.

The L53-B1 well was drilled from the L53-B well pad to a subsurface location approximately 1,500 meters northeast of the L53-B well pad and 300 meters north of the L53-B well, at total depth.

The L53-B1 well will be put on production immediately after the rig has been moved off location in approximately seven days.

L53-DD5ST1 & L53-DD6ST1 Exploration Wells

The Company has submitted 90 day production test applications for both the L53-DD6ST1 and L53-DD5ST1 exploration wells but has yet to receive approval to commence well testing. Both wells have been perforated and we anticipate well test approval to be forthcoming at any time, at which point testing will commence immediately.

INDONESIA

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

Drilling of the Anggun-1X exploration well, which had originally been anticipated to commence drilling prior to the end of October, has been delayed to approximately November 12 due to forest fires in the immediate vicinity of the well access road. These fires are now extinguished as a result of recent periodic rain and the work of local fire fighting personnel. Rig acceptance procedures/inspections are currently being undertaken by the operator.

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd