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TICKERS: POE

Oil & Gas JV Begins Long-Term Production from Four Thailand Wells
News Update

Source:

This milestone event comes five months after the company discovered oil in the area.

Pan Orient Energy Corp. (POE:TSX.V) announced in a news release that the Thailand government granted it and its joint venture partner a 20-year production license for the L53-DD field.

Now, the four previously drilled and tested wells on the property, the L53-DD1, L53-DD2, L53-DD3 and L53-DD4, are on long-term production.

The company noted that "at the time of shut-in, the L53-DD2 well was producing 783 BOPD from the base of the BB/CC sand and the L53-DD1 well was producing 470 BOPD from the BB/CC sand with perforations in close proximity to the sand's defined oil water contact. Both wells were located within the December 31, 2018, proved and probable reserves envelope for the BB/CC sandstone."

Pan Orient stated that once production stabilizes, in about seven to 10 days, it will provide shareholders with an update.

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1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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