02:03:58 EDT Wed 15 Jul 2020
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Pan Orient Energy Corp
Symbol POE
Shares Issued 54,900,407
Close 2019-06-06 C$ 1.75
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Pan Orient sells 2,631 bopd from L53 in May

2019-06-06 11:16 ET - News Release

Mr. Jeff Chisholm reports


Pan Orient Energy Corp.'s concession L53 oil sales averaged 2,631 barrels of oil per day in May, 2019, marking the highest average monthly oil sales ever achieved in concession L53.

Oil sales averaged 704 barrels of oil per day in April, 2019, and 3,259 barrels of oil per day during the first four days of June, 2019.

Realized oil prices (non-volume weighted) during the first five months of 2019 averaged $62.17 (U.S.) per barrel, representing a 6.3-per-cent discount to the Brent crude oil reference price and a 7.5-per-cent premium to West Texas Intermediate crude oil reference price.

L53-DD3 well testing

On May 17, 2019, the L53-DD3 well was perforated 4.7 metres in the BB sand and production from the commingled DD/EE and BB sands commenced on May 18, 2019. From May 19, 2019 (when the well cleaned up), to May 23, 2019 (when it was shut in), production from the commingled DD/EE and BB sands averaged 800 barrels of oil per day of 23-degree-API oil with basic sediment and water of 14 per cent. On May 24, 2019, five metres of the CC sand were perforated and a temporary bridge plug was placed above the DD/EE sand, isolating the DD/EE sand, which will be produced from this well at a later date. Production from the commingled BB/CC sand has averaged 1,054 barrels of oil per day of 23.2-degree-API oil with basic sediment and water of 8 per cent since the well stabilized on May 30, 2019, to June 5, 2019. Test results are not necessarily indicative of long-term performance or of ultimate recovery. Future decline rates and recovery factors will be determined to a large extent by whether or not aquifer support is present, and to what degree, in each of the producing zones.

Concession L53 2019 drilling

Preparations continue toward a one-to-two-well exploration program in the near vicinity of the L53-DD oil field from the existing L53-DD well pad. One exploration well and one appraisal well will also be drilled from the existing L53-B well pad. Drilling is anticipated to commence in August, 2019.

A second three-to-four-exploration-well drilling campaign, focused in the region of the L53-DD oil discovery, is expected to commence in late 2019 to early 2020.


East Jabung production-sharing contract (Pan Orient: 49 per cent; non-operator)

On June 3, 2019, an important milestone was reached when the Anggun-1X access-road base fill and geotextile were completed to the well pad. Construction operations will recommence on June 8, 2019, after a four-day shutdown for the Eid Al Fitri Indonesia national holiday. An additional 10 dump trucks and a second shift will commence on June 10, 2019, to surface the access road and complete the well pad. An August, 2019, commencement of drilling is anticipated, subject to possible weather-related and operational delays.

Pan Orient is an oil and gas exploration and production company based in Calgary, Alta., with operations currently located onshore Thailand and Indonesia and in Western Canada.

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