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News Update

TICKERS: POE

Thailand Well Hits Oil
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With this well, Pan Orient Energy finishes phase 2 of its 2020 drill program at the concession.

Pan Orient Energy Corp. (POE:TSX.V) announced in a news release that drilling of the L53-DD7 well, which was intended for use as a water injection/disposal well, or a producer, depending on results, resulted in 29.9 meters (29.9m) of net oil pay.

With the drilling of L53-DD7, Pan Orient and its joint venture partner wound up phase 2 of their 2020 drill program at the Thailand concession.

L53-DD7 was drilled from the DD oilfield well pad, down to 1,467m of total measured depth. The target location was significantly downdip from the crest of the structure at the BB/CC and DD sandstone reservoir levels, the company stated.

The 29.9m of net oil pay included "the thickest AA sand encountered to date with approximately 16m of net oil pay with the top sand about 3m high to the L53-DD1 well," the release noted.

Next, completions will be done on the L53-DD7 and L53-DD8 wells, production from which will follow. Also, the L53-BB1 and L53-AA2 exploration wells will be tested for production.

The company reported that a possible third phase, "which would include the L53AC-E exploration well, that may commence prior to year-end 2020."

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