10:29:03 EST Tue 25 Feb 2020
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or Name

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Pan Orient Energy Corp
Symbol POE
Shares Issued 55,084,407
Close 2019-10-07 C$ 2.37
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Pan Orient drills about 5m of net oil pay in L53-DD6ST1

2019-10-08 08:34 ET - News Release

Mr. Jeff Chisholm reports


Pan Orient Energy Corp.'s L53-DD6ST1 exploration well has encountered approximately five metres of interpreted net oil pay within the CC sandstone. This interpretation is based on open hole wire line logs, oil and gas shows observed while drilling, pressure data and analog to the offsetting L53-DD oil field wells. The CC sandstone reservoir was encountered at a true vertical depth of 1,031 metres, approximately 529 metres northwest of the earlier announced L53-DD5ST1 (AA South prospect) oil discovery and 1,035 metres due west of the L53-DD oil field well pad. The interpreted net oil pay is within a distinctly separate structural closure relative to all wells drilled to date and is located at the extreme down-dip eastern limit of the AA prospect (as defined in the company's July 4, 2019, corporate presentation). This was the only portion of the prospect that could be confidently reached from the L53-DD oil field surface drill pad. Further drilling at the AA prospect is anticipated as part of the mid-late 2019 Thailand multiwell exploration drilling program, at a surface location from which the structural crest of the AA prospect can be reached, in addition to another prospect located to the northwest.

The L53-DD6ST1 exploration well was preceded by the L53-DD6 exploration well which was unsuccessful, targeting various sandstones within the L53-DD6 (AA east) prospect.

A 90-day production test application for the CC sand has been submitted to the government of Thailand for approval. It is anticipated that testing of both L53-DD6ST1 (AA prospect) and L53-DD5ST1 (AA South prospect) will commence shortly after the drilling rig has moved to commence drilling of the L53-B1 appraisal well.


East Jabung PSC (Pan Orient 49 per cent and non-operator)

Drilling of the Anggun-1X exploration well at the East Jabung production sharing contract (PSC) is anticipated to commence prior to the end of October and an announcement will be made when this takes place.

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

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