CALGARY, Alberta, Feb. 14, 2019 (GLOBE NEWSWIRE) -- Pan Orient Energy Corp. (“Pan Orient”) (POE – TSXV) is providing an operations update. Commenting today on Pan Orient’s upcoming 2019 drilling programs in Thailand and Indonesia, President and CEO Jeff Chisholm stated: "The 2019 Thailand and Indonesia drilling programs will be evaluating the largest prospective resource base that the company has ever targeted in any given year, and it will also be one of the most balanced from an overall risk perspective. A two well appraisal drilling program at the L53-DD oil field is currently underway with the L53-DD4 well targeting an undrilled possible (3P) reserve fault compartment north of the existing field. Mid to late Q2 2019 will see the drilling of the Anggun-1X exploration well in Indonesia, a well located substantially updip and on the same structural closure as the earlier AYU-1X well that encountered strong hydrocarbon indications within Gumai formation sandstone reservoirs and oil within the Batu Raja limestone formation. Late Q3 to Q4 2019 will see a three to four well exploration drilling program in Thailand with three of the prospects located “close in” to the recent L53-DD oil discovery, within the now upgraded Suphon Buri Basin in the northern portion of the L53 concession. Providing a solid financial backstop for this drilling program, and the flexibility to exploit any success, is the substantial increase in Thailand production as a result of the discovery at L53-DD and the company’s Cdn$39.6 million working capital and non-current deposits balance at September 30, 2018.”
CALGARY, Alberta, Jan. 31, 2019 (GLOBE NEWSWIRE) -- Pan Orient Energy Corp. ("Pan Orient") (POE – TSXV), on behalf of Pan Orient Energy (Siam) Ltd. (“POS”), announced the results of its December 31, 2018 independent reserves evaluation for Thailand on-shore Concession L53/48 where POS is the operator and has a 100% working interest. Pan Orient has a 50.01% equity interest in POS, which is classified as a Joint Venture under International Financial Reporting Standards and accounted for using the equity method. Pan Orient’s 50.01% equity interest in the assets, liabilities, working capital, operations and capital expenditures of POS are recorded in Investment in the Thailand Joint Venture.
CALGARY, Alberta, Nov. 14, 2018 (GLOBE NEWSWIRE) -- Pan Orient Energy Corp. (“Pan Orient” or the “Company”) (POE – TSXV) reports 2018 third quarter consolidated financial and operating results. Please note that all amounts are in Canadian dollars unless otherwise stated and BOPD refers to barrels of oil per day.
