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TICKERS: POE

Oil/Gas Company Reports Positive Thailand Appraisal Well Results
News Update

Source:

The well is expected to be put in production within about seven days.

Pan Orient Energy Corp. (POE:TSX.V) announced in a news release that its joint venture-owned L53-B1 appraisal well in Thailand encountered a combined approximately 35 meters (35m) of net oil pay.

This occurred in five main sandstone intervals—K30-A, K30-B, K30-C, K30-D and K40-A—between 884m and 1,043m true vertical depths.

"This interpretation is based on open hole wire line logs, oil and gas shows observed while drilling and correlation to the offsetting L53-B producing oil well," the release explained.

L53-B1 will be put on production once the drill rigs are gone from the location, which is expected to occur in about seven days.

L53-B1 was drilled from the L53-B well pad to a subsurface location about 1,500m northeast of the L53-B well pad and 300m north of the L53-B well, at total depth.

L53-B, which was drill tested before L53-B1, has been producing oil intermittently since May 2011 from the K40-A, K30-A and K30-B sandstones.

As for Pan Orient's L53-DD6ST1 and L53-DD5ST1 wells, also in Thailand, point testing of them will start once approval is received.

With respect to its joint venture operations in Indonesia, the start of drilling of the Anggun-1X exploration well was pushed back to Nov. 12 from October's end due to now-extinguished fires around the access road.

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Disclosure:
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.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Pan Orient Energy Corp. Click here for important disclosures about sponsor fees.
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