Get the Latest Investment Ideas Delivered Straight to Your Inbox. Subscribe

News Update

TICKERS: POE

Joint Venture Starts Two-Well Drill Program at Thailand Concession
News Update

Share on Stocktwits

Source:

Pan Orient Energy reports the target of the first well, L53-DD10, is the AA sand in the L53-DD field.

Pan Orient Energy Corp. (POE:TSX.V) announced in a news release that the joint venture started drilling the L53-DD10 well at its Thailand concession, the "first of a firm two well development drilling program." Pan Orient has a 50.01% interest in the joint venture.

The company noted that the target of L53-DD10 is the AA sand because a second well is needed to produce from there efficiently and economically. The single well producing there now is L53-DD7, which, last year, encountered the thickest and structurally highest AA sand of any previous well in the L53-DD field. It is expected that L53-DD10 will require about 14 days of drilling to reach total depth.

After L53-DD10 drilling is completed, the operator will drill another well in the L53-DD field, that one targeting the deeper EE sand. It will place the well to the north of the only EE sand producer, the L53-DD2 well.

Pan Orient also reported that sales of oil produced from the Thailand L53 Concession averaged 3,306 barrels per day (3,306 bbl/d) in December 2020 (1,653 bbl/d net to Pan Orient's 50.01% equity interest). The received price averaged $47.57 per barrel.

Oil sales dropped to 2,932 bbl/d in January 2021 (1,466 bbl/d net to Pan Orient), but the received price increased to $52.79 per barrel.

Over the first 21 days of February, oil sales averaged 2,860 bbl/d (1,430 bbl/d net to Pan Orient).

"A substantial production increase is anticipated upon completion of the current development drilling program," the release noted.

[NLINSERT]

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. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Pan Orient Energy, a company mentioned in this article.





Want to read more about Oil & Gas - Exploration & Production investment ideas?
Get Our Streetwise Reports Resources Report Newsletter Free and be the first to know!

A valid email address is required to subscribe