Mr. Jeff Chisholm reports
PAN ORIENT ENERGY CORP.: PROSPECTIVE RESOURCE REPORT - ANGGUN PROSPECT,
INDONESIA
Pan Orient Energy Corp. has released the results of a recently completed third party engineer National Instrument 51-101-compliant prospective resource report for the Anggun prospect on the East Jabung production sharing contract (PSC) in Indonesia, effective June 30, 2015, and conducted by Gaffney Cline & Associates (GCA).
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Mean estimated ultimate recoverable (EUR) oil prospective resources of
44 million, 28 million and 51 million barrels net to Pan Orient's 49-per-cent working interest
in three respective potential reservoir horizons at the Anggun prospect.
Pan Orient president and chief executive officer Jeff Chisholm commented: "We are very pleased to disclose to shareholders the third party engineer estimates for a prospect of a size that is typically found only in deepwater or very remote areas of the world. The Anggun prospect is a relatively shallow, onshore, high-impact target adjacent to existing infrastructure and possesses some of the best fiscal terms in Indonesia. Success at Anggun would have the potential to materially transform Pan Orient within a framework of manageable appraisal and development costs and in the context of Pan Orient's available financial resources. Lastly, we are pleased to be partnered with the operator Talisman Energy Inc., one of the most experienced operators in South Sumatera, Indonesia."
The Anggun prospect at the East Jabung production sharing contract in Indonesia, as at June 30, 2015, was evaluated by Gaffney Cline & Associates. Prospective resources are defined as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have an associated geological chance of success (GCOS). Prospective resources are further classified as high, best and low, in accordance with the range of uncertainty. Mean refers to the expected average value of all possible successful outcomes. There is no certainty that any portion of the prospective resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. Prospective resource volumes are presented as unrisked.
ANGGUN PROSPECT, EAST JABUNG PSC, PROSPECTIVE RESOURCES
(gross 100 per cent) (in millions of barrels, except where indicated)
Prospect/zone Low estimate Best estimate Mean High GCOS
(P90) (P50) (P10) estimate
Intra Air
Benakat Fm 13 58 89 288 20%
Gumai Fm 8 36 58 212 11%
Batu Raja Fm 11 59 104 350 26%
Notes:
(1) Gross prospective resources are 100 per cent of the volumes estimated
to be recoverable from the prospect. Pan Orient's working-interest
share is 49 per cent of the gross prospective resources.
(2) The GCOS reported herein represents an indicative estimate of the
probability that drilling this prospect would result in a discovery.
This does not include any assessment of the risk that the discovery,
if made, may not be developed.
(3) The volumes reported here are unrisked in the sense that no adjustment
has been made for the risk, that no discovery will be made or that any
discovery would be developed.
(4) Identification of prospective resources associated with a prospect
is not indicative of any certainty that the prospect will be
drilled or will be drilled in a timely manner.
(5) Prospective resources should not be aggregated with each other,
because of the different levels of risk involved.
(6) Anggun is an oil-and-associated-gas prospect. The conversion gas
to barrels of oil equivalent is one million barrels of oil
equivalent equal six billion cubic feet.
We seek Safe Harbor.
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