Pan Orient Energy Corp. Operations Update

Source Press Release
Company Pan Orient Energy Corp. 
Tags Strategy - Corporate
Date December 09, 2019

Pan Orient Energy Corp. (“Pan Orient”) (POE – TSXV) provides an operations update.

INDONESIA

East Jabung Production Sharing Contract (Pan Orient 49% & Non Operator)

Drilling of the Anggun-1X exploration well commenced on November 14, 2019 and has reached a total depth of 1,232.7 meters within basement, after penetrating the main Gumai sandstone and Batu Raja limestone reservoir targets.  Despite oil shows and some oil staining within a number of Gumai formation sandstones, wireline sampling indicated minor amounts of oil and gas with predominantly water. The Batu Raja formation target interval proved to be a tight, low permeability limestone with no reservoir potential.

Follow-up activities will include the immediate plugging and abandonment of the well and withdrawal from the East Jabung Production Sharing Contract at the expiry of the current contract year in January 2020.

Go forward corporate activity is now focused on the year-end 2019 Thailand reserves report, the January 2020 Thailand multi-well exploration and appraisal drilling program and determining the best means to maximize the value of the Sawn Lake heavy oil asset in Canada.

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