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Pan Orient Energy Corp.

TICKER: POE:TSX.V

Pan Orient Energy Corp. is a Calgary-based oil and gas exploration and production company with operations located onshore in Thailand, Indonesia and western Canada. The company has interests in four oil-producing concessions in Thailand and is the operator for all four, with 60% working interest in three and 100% working interest in the fourth. In Indonesia, Pan Orient has operated interests in four production-sharing contracts onshore. In Canada, the company's 53.4%-owned subsidiary, Andora Energy, holds interests ranging from 10–100% in 85.5 contiguous sections of heavy oil sands leases within the central Alberta Peace River Oil Sands area.


The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

The Energy Report Interview with Chen Lin (6/24/14) "Pan Orient Energy Corp. acquired East Jabung during the financial crisis. It has the potential of half a billion barrels of oil equivalent (0.5 Bboe). It's oil and gas. That could make it one of the largest onshore conventional oil discoveries in the world. It's one of the best Indonesian fields, if not the best.

The fiscal terms are very important. It's split 35/65 with the Indonesian government. Pan Orient and Pan Orient's potential partner will get 35%, and the government will get 65%. The majority of the fields in Indonesia split 15/85. That makes a huge difference. This discovery is very valuable. . ." More >

Bill Newman, Mackie Research Capital (5/29/14) "Pan Orient Energy Corp.'s first quarter results were in line with our expectations. . .the company has large resource potential at Sawn Lake and we expect a successful pilot program showing economic flow rates to be a near-term catalyst for the stock. Additional catalysts include the completion of a farmout agreement in Indonesia, which includes a cash payment, and a carried multiple well drilling program and the successful unitization of the Akatara oil discovery."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (5/28/14) "Pan Orient Energy Corp. just announced last quarter's results. The company already started the steam injection in Canada, with first oil due August. The most significant part is that Pan Orient made a lot of progress in farming out East Jabung. . .my understanding is that it is looking for a strong partner that could potentially takeover the project if successful. . .if successful, it could be one of the largest recent onshore conventional discoveries in the world. . . .we should have a lot of news in the next 6–12 months. . .but finally everything is starting to come together for Pan Orient."

Mark Heim, Jennings Capital (5/28/14) "Pan Orient Energy Corp. is anticipating a catalyst-rich year in 2014, with news expected from the farmout process in Indonesia shortly (with potential drilling in late Q4/14), the high-impact A-North prospect in Thailand spudding this summer and the steam-assisted gravity drainage pilot at Swan Lake (which recently starting steaming) expected to show results this summer. Any one of these catalysts holds the potential to materially add to NAV."

Bill Newman, Mackie Research Capital (4/15/14) "Pan Orient Energy Corp.'s results for 2013 were in line with our estimates. . .the company holds large resource potential at Swan Lake, and we expect a successful pilot program showing economic flow rates be a near-term catalyst for the stock. . .we maintain our Buy recommendation."

more comments

Chen Lin, What Is Chen Buying? What Is Chen Selling? (4/4/14) "Pan Orient Energy Corp. is my Top Pick in energy stocks. . .the company is working on three major fronts this year, Thailand, Indonesia and Canada. Any successes in each area can send the stock flying. . .below $2, with so many catalysts coming, the stock is absolutely a steal."

Bob Moriarty, 321 Energy (3/13/14) "Pan Orient Energy Corp. is a triple threat: It has operations in Thailand where it has existing oil production. . .the Thailand operations alone will provide about $27M. . .the second major operation is in Indonesia, where Pan Orient is soliciting farm out offers on three production sharing contracts with P50 potential of 800 Mboe. . . and last but hardly least, Pan Orient has operations in the Sawn Lake oil sands area of Alberta. . .objectively speaking, I think it's pretty easy to see the potential. The company is well cashed up with $.50/share in cash. The Thailand operations are quite capable of financing continuing operations in Thailand and Canada. A successful farm out in Indonesia will lower both the cash required and risk."

Bill Newman, Mackie Research Capital (3/3/14) "In the short term, we expect Pan Orient Energy Corp. to trade on the current farmout process of its three blocks in Indonesia. The potential for a large cash payment followed by a carried, multiple-well drill program should cause a run in the company's stock price after the completion of a deal expected in Q2/14."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (2/26/14) "Pan Orient Energy Corp. provided an update. Its production is over 1000 bpd. . .it has started to drill the high impact well in Thailand."

Bill Newman, Mackie Research Capital (2/26/14) "We believe it is highly likely that Pan Orient Energy Corp. will secure partners for its three blocks in Indonesia. The potential for a large cash payment followed by a carried, multiple well drilling program should cause a run in the company's stock price in the near term. The probability of securing a farm-in partner for Pan Orient's Batu Gajah block is very likely given the recently announced high oil flow test from the Akatara discovery on the adjacent block. We also believe the market is heavily discounting the potential of the A Central exploration well in Thailand, which, if successful, could increase corporate reserves by 10x. We maintain our BUY recommendation."

Bill Newman, Mackie Research Capital (2/19/14) "The success of the new discovery, the Akatara-2 appraisal well adjacent to Pan Orient Energy Corp.'s Batu Gajah block, does two things for the company; first, it increases the likelihood that Pan Orient can secure farm-in partners for this block, a key catalyst for it. Second, it could book new reserves for the company if it can be proved it is a 'shared' discovery; given the size of the prize at Akatara, it could be a significant addition to Pan Orient."

The Energy Report Interview with Bob Moriarty (2/13/14) "Pan Orient Energy Corp. is a company that has protected itself by being in three totally different environments—Canada, Thailand and Indonesia. It's all conventional, heavy oil in Thailand and Canada. . . Pan Orient has an extremely expansive program this year. It will announce new partners on its fields in Indonesia. It is advancing its deal in the North American oil sands. It will be financing more drilling in Thailand. Pan Orient is going to remake itself in the next two years. In the oil business, a $100M company is tiny company; the equivalent of a $2–3M gold company. Decent-sized oil companies are worth $1–2B. I think Pan Orient is an easy tenbagger." More >

Bill Newman, Mackie Research Capital (2/10/14) "Pan Orient Energy Corp. released a Thailand operational update this morning. . .production was in line with our forecast. Initial results of the A Central exploration well are expected in March. If successful, the company could substantially increase Thailand reserves and production in 2014. . .we maintain our Buy rating."

The Energy Report Interview with Chen Lin (2/6/14) "To make good money and hit home runs, investors need to look ahead of the crowds. And that is why I have been buying Pan Orient Energy Corp. The beauty of Pan Orient is that the stock is completely ignored by the market. 2014 will be the most important year in the company's history. Its operating field in Thailand is producing a little over 1 thousand barrels per day. Management left Canada to relocate to Thailand in order to reduce costs. The back story is that during the financial crisis of 2008-2009, Pan Orient accumulated a few important properties spread out in Canada, Thailand and Indonesia. This year is the year for exploring all three of these properties. The company has high-impact wells in each country. If any of the plays has success, the stock will go double digit, instead of trading at $1-something today. There has been a very strong insider purchase of the company in the past few months. Plus, its existing cash and cash flow more than justifies its current stock price. All this upside is being ignored by the market, which is a situation I really like." More >

Chen Lin, What Is Chen Buying? What Is Chen Selling? (12/23/13) "Last Friday, Pan Orient Energy Corp. reported very large insider purchases. Its chairman Gerald Macey as well as CEO Jeff Chisholm together purchased total 140K shares from the open market with their own money. . .I believe the stock is very under owned and 2014 looks like the year for Pan Orient."

Jay Taylor's Gold, Energy & Tech Stocks (12/13/13) "Pan Orient Energy has not performed as well, but all the fundamentals are in place to make this a big winner as well. Management is very conservative and as such doesn't use investment bankers to raise capital. . .this stock [is one of] of Chen Lin's favorites and mine too."

Bill Newman, Mackie Research Capital (11/15/13) "Pan Orient Energy Corp. is in discussions with several companies that are interested in partnering on its exploration blocks in Indonesia; the farm-out discussions are expected to conclude early next year. . .investors should turn their focus on the current farm-out process in Indonesia. The company holds a high working interest in three large blocks that offer tremendous exploration potential. . .we maintain our Buy recommendation."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (11/11/13) "With some successes, Pan Orient Energy Corp. can easily become a multibagger."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (11/1/13) "I still believe Pan Orient Energy Corp. is a very attractive stock for 2014, especially after the recent selloff. . the company's upside is higher than Mart Resources Inc., but the risks are higher too, with huge catalysts coming in Q1/14."

Bill Newman, Mackie Research Capital (10/31/13) "We believe Pan Orient Energy Corp. continues to fly under the radar, but there are a number of near-term catalysts that could bring the stock to the forefront. We maintain our Buy rating and our $3 target price."

The Energy Report Interview with Chen Lin (10/31/13) "Right now Pan Orient Energy Corp. is entering a very interesting phase because its neighbor just found a large oil pool just on the border of Batu Gajah. The crest part of the discovery—the best part—is on Pan Orient's land. The discovery is rather large. It may be over 150 MMboe. It has oil, it has gas condensate and it has gas. The discovery well was drilled only 175 meters from Pan Orient's border. That makes a very interesting play because you can drill right there and it becomes very low-risk drilling, because the other company drilled three wells. The first two wells averaged more than 6,000 boe. The third well they're still testing. It's right on the border. Pan Orient has the best part of that. This could be a very nice discovery.

"My understanding is Pan Orient is going to partner out all three of the major Indonesian concessions. It expects to receive a large down payment and to have the partner carry out the next few wells on each concession. Since Pan Orient spent close to $100M in all the drilling, the seismic, the groundwork, I expect it to get a lot of the money back from partnering. Potentially, it could be tens of millions. It's very hard to give an exact number because it is negotiating with its partners right now. . .it has a big oil target coming up in Thailand that it's going to drill. You can see the 3D seismic on the website. It's a very large target. Over there in Thailand, it only costs $1–2 million to drill. Then it also is fully funded to do the heavy oil in Canada. The company has three possibilities, and all three have a very good chance to succeed. Success in each of them can dramatically change the stock price." More >

Chen Lin, What Is Chen Buying? What Is Chen Selling? (10/3/13) "The new, potential 150–200 MMbbl [Ramba Energy Ltd.] discovery is right on the border of Pan Orient Energy Corp.'s [Batu Gajah] concession. . .most importantly, the crest of the structure is right on Pan Orient's land! My understanding is that there are parties lining up to bid to be the company's partner. . .I won't be surprised if Pan Orient gets tens of million in cash plus well commitments in all the other concessions. . .cash level increases to $70–90M would be a wild guess (~$1.50/share). . .the most exciting time in the company's history is about to come."

Bill Newman, Mackie Research Capital (10/3/13) "Pan Orient Energy Corp.'s presentation has a slide that shows the crest of [Ramba Energy Ltd.'s] Akatara discovery is on Pan Orient's lands. . .assuming the predrill resource estimate of 147.2 MMbbl, we calculate a potential net resource of 8.5 MMbbl, after farm-out of Batu Gajah and after unitization of Akatara, which we conservatively value at $0.92/share."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (9/27/13) "Pan Orient Energy Corp.'s neighbor, Singapore-listed Ramba Energy Ltd., made a nice discovery, potentially 100+ million barrel eq. My understanding is that Ramba is drilling a few hundred meters from Pan Orient's Indonesia Batu Gajah claim. . . Pan Orient will very likely get a piece of the discovery. . .the company is deeply undervalued. One dollar cash and each of its properties in Indonesia, Thailand and Canada can be worth multiples of its current market cap."

Bill Newman, Mackie Research Capital (9/27/13) "Ramba Energy Ltd. and Sugih Energy. . .made a potentially large new pool discovery on the Lemang PSC block ("Lemang block"), which is located directly adjacent to Pan Orient Energy Corp.'s Batu Gajah block. . . Existing 2-D seismic data shows the crest of the structure could extend onto the Batu Gajah block. . .the company may able to acquire an interest in the Akatara discovery. . .we believe the Akatara discovery has increased the probability of new exploration occurring in Indonesia. As a result we have upgraded Pan Orient to a Buy rating."

Value Digger, Seeking Alpha (9/24/13) "I find Pan Orient Energy Corp. to have one of the most compelling valuations in the energy patch. . .the company is well-funded to complete its entire 2013 program plus an aggressive 2014 program. . .no matter how I slice it, Pan Orient represents one of the best risk-reward scenarios that I have ever met in the international E&P space. To me, this is the definition of an asymmetric risk-reward opportunity."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (9/17/13) "Pan Orient Energy Corp. may be at an attractive valuation for Asian investors; I have also suggested it spin off its Thailand and Indonesia assets and list them in Hong Kong or Singapore. Right now the management is focusing on the next round of drilling; a lot of catalysts are coming in 2014."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (8/29/13) "Most of Pan Orient Energy Corp.'s 2013 capex is behind it now and we should have $3M a month cash flow as soon as the production is back to 1,500 bbl/d. I can see the cash on its balance sheet increasing for the rest of 2013."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (8/28/13) "Today Pan Orient Energy Corp. provided an update on its operations. It reported current production at ~900 bbl/d with a few large wells offline. When these wells come back on, they can easily produce 1,500 bbl/d or more. I don't understand why market took it negatively. The Thailand operation is progressing very well. . .the news today is relatively positive. . .the market is acting strangely by selling off the stock."

Bill Newman, Mackie Research Capital (8/22/13) "Pan Orient Energy Corp.'s SAGD demonstration project, with Maurel et Prom's investment, will proceed. . .we maintain our Buy recommendation on the near-term development and exploration activities in Thailand, long-term exploration potential of Indonesia and free option on the Sawn Lake SAGD project."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (8/13/13) "Deep Well Oil and Gas Inc. jumped 1,200% in the past week. . .it is amazing to see how much that stock jumped; it tells you how stupid the market is right now and how many great opportunities out there. Pan Orient Energy Corp. should be the major beneficiary of this move because Pan Orient is its 50% partner and holds 3% royalties on many of its claims."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (7/10/13) "Energy prices are moving up, which is nice for my energy stocks. . .Pan Orient Energy Corp. is rebounding nicely and will have very important results from the Indonesia drilling very soon as well as updates on the Thailand drilling."

The Energy Report Interview with Chen Lin (6/25/13) "Pan Orient Energy Corp. has been hit extremely hard lately. It was over $4/share at the beginning of the year. Now it's $1.60. That tells us how pessimistic investors are. However, it's drilling a very high-impact Indonesian well right now. If successful, we'll be looking at a very different company. The insider buying has been strong." More >

Chen Lin, What Is Chen Buying? What Is Chen Selling? (6/17/13) "Today, Pan Orient Energy Corp. jumped 15% on excellent results. The company was hit extremely hard lately. It was trading below cash lately, I believe. Even a small piece of positive news will move the stock a lot. Pan Orient just released a new presentation. The new well is looking really good."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (5/29/13) "I am holding tight onto Pan Orient Energy Corp.. . .[it has] a strong balance sheet, is a low-cost producer and should do well in case we have some volatility in oil prices."

Bill Newman, Mackie Research Capital (5/24/13) "Pan Orient Energy Corp.'s Q1/13 cash flow of $5.6M ($0.10/full disclosure share) was higher than our forecast of $3.3M ($0.06/full disclosure share) due to a higher realized oil price and a large reduction in operating costs primarily. . .we are optimistic that Thailand production will continue to build with the recently drilled L53-G3-ST1 well and the four added wells. . .we maintain our Buy recommendation."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (5/23/13) "Pan Orient Energy Corp. announced the results of the first quarter. . .the company is drilling the high-impact Cataka-1A well in the last week of May. . .this well, if successful, can add $500M to $1B to Pan Orient's net asset value."

Bill Newman, Mackie Research Capital (5/21/13) "Pan Orient Energy Corp.'s L53-DC3 appraisal well is producing ~160 bbl/d of 15º API oil, with an 8% water cut. . .from sands found at a depth of between 512–547m. . .these sands have excellent porosities ranging from 22–29%. . .given the shallow depth and flow rates of the new heavy oil discovery, the play could prove highly economic. . .the company is in a strong financial position to continue its low-cost exploration and appraisal drilling program in Thailand and its higher-risk, higher-impact exploration program in Indonesia. We maintain our Buy rating."

Chen Lin, What is Chen Buying? What is Chen Selling? (5/16/13) "Pan Orient Energy Corp. is one of my key positions with very important catalysts coming in the next few weeks or months. . .the company is trading at close to cash level with drilling results due very soon. Pan Orient's chief operating officer recently purchased a large number of shares on the open market."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (5/1/13) "Pan Orient Energy Corp. just filed new insider purchases; Ed Bush, the new COO, just purchased 50,000 shares for $110,000+ last week; this is not a small amount and it showed Mr. Bush confidence in the stock. He is in charge of the Indonesia operation while CEO Jeff Chisholm is running the Thailand operation, I believe. . .I hope this is an indication that Pan Orient has some solid chances in Indonesia, because while Thailand can increase the stock price by 50–100%, it is Indonesia that can make it multibagger from here."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (4/23/13) "Pan Orient Energy Corp. is close to cash value again. . .it is a solid stock in the energy space with little downside left, I believe."

Malcolm Shaw, Seeking Alpha (3/29/13) "Pan Orient Energy Corp.'s capex program in 2013 is expected to set up another active year in 2014 with multiple exploration targets to be drilled in Thailand and Indonesia, where success on any exploration well can potentially have a material impact on the company. . .I continue to view the stock as a long-dated call option on the company's exploration asset base that continues to have significant potential."

Insider Monkey, The Motley Fool (3/14/13) "This bullish call is supported by Pan Orient Energy Corp.'s attractive fundamentals and ongoing exploration program. . .the company produces 1500 bbl/day (100% oil) currently; it is debt-free, holding $143M cash as of Q3/12; the market cap is $180M and the EV is as low as $37M, resulting in one of the lowest valuations in the sector. . .if the ongoing exploration program in Thailand and Indonesia shows some success, Pan Orient will add significant reserves, further reducing risks in its acreage."

The Energy Report Interview with Malcolm Shaw (3/12/13) "One company I'm following very closely is called Pan Orient Energy Corp. It fits the bill in terms of skilled management that I've known for a long time. It has a fantastic balance sheet with over $2 per share in cash. It has some 1.3-1.5 Mb/d of production in onshore Thailand. One of the key things I like about Pan Orient is its Indonesian exploration acreage. This is elephant territory and the rewards are significant, but these wells cost $5–8M to drill. It's drilling one right now where the P50 recoverable, based on company estimates, is about 137 MMbbl. Its interest on the block is 77%. An in-ground barrel in Indonesia would be worth something on the order of $5–8, so 77% of a 137 MMbbl target, given that Pan Orient only has 56M shares, makes the upside fairly significant. This is only one of a handful of targets of similar size and quality, so a miss on any given target doesn't impact my overall investment thesis of this being a skewed risk-reward situation. Given the company's cash balance and cash flow from its production in Thailand, the share price would have a hard time breaking below, say, the $2.50–3 range in any rational market. The upside is something in the $8–10 range, based on any one of those large targets working. If two of them start working, then you end up with a really interesting situation." More >

Lyndon Dunkley, Pan Orient Energy Corp. (1/23/13) "Pan Orient Energy Corp. announced a new pool discovery in Thailand's L53-DC1 appraisal well. . .the first in a five-well program found oil in a fault compartment that had not been previously identified. . .the company's Thailand operations continue to backstop the its valuation. . .this latest success highlights the potential and significant upside of Pan Orient's Thailand operations and the L53 block. . .the shallow sands, previously thought to hold limited potential, now represent a vast array of expanded potential targets and drilling opportunities. . .we maintain our Buy recommendation."

Bill Newman, Mackie Research Capital (1/23/13) "Pan Orient Energy Corp. reported that the L-53-DC1 well in the L-53 concession (100% working interest) in Thailand encountered 55m of net oil pay over six separate sandstone reservoirs. . .as the new discovery found oil pay in a previously undrilled fault block, we expect that the success will add both reserves and additional drilling locations. . .the company remains in a strong financial position to continue its low-cost exploration and appraisal drilling in Thailand and its higher-risk, higher-impact exploration program in Indonesia. . .we maintain our Buy recommendation."

The Energy Report Interview with Chen Lin (1/17/13) "I was heavily invested in Pan Orient Energy Corp. at the end of 2011. I will continue to be bullish on [the] stock and [it] continues to be [on of] my heavy holdings. . .This year will be the most exciting in the company's history. It's a producer in onshore Thailand. It has prepared for the past five years to explore some big targets in Indonesia as well as Thailand and will start drilling this month. . .seldom in my trading career have I seen this kind of risk/reward, and if you ask me which stock I think would have the greatest chance of becoming a tenbagger in 2013, I would say, without a doubt, it would be Pan Orient.

The beauty is it has so much cash on the balance sheet and no debt. It has fully funded all its exploration and doesn't need to dilute shares. By the end of the year, it should still have a lot of cash left. Management consistently bought shares in the past. Even in the worst-case scenario, the downside is very limited and the upside is very big. Also, I want to say that the Chinese company, Hong Kong and China Gas Co. Ltd. (3: HK), bought the Pan Orient legacy oil field last year for $170M, and has been looking for more assets. If Pan Orient makes new discoveries, we have a natural buyer right there to buy them and reward shareholders. That's why I'm very excited about this one. I purchased the stock a year ago and it has much more room to run. I believe the run for Pan Orient has just started because it takes many years to prepare that groundwork, get approvals, do the seismic and then finally start drilling this year. I'm very excited about the stock." More >

Malcolm Shaw, Seeking Alpha (1/3/13) "Pan Orient Energy Corp. represents one of the best risk-reward scenarios that I have seen in the international exploration and production space in recent memory. . .given the pristine balance sheet and base production value, investors have the benefit of downside protection (through cash balances and simple math on the production base) while the exploration program kicks into high gear in Q1/13."

Bill Newman, Mackie Research Capital (1/2/13) "With a solid production base in Thailand, combined with over $130M in working capital, Pan Orient Energy Corp. remains well capitalized to fund its high-impact exploration program in Indonesia. Given the large prospect size of the targets in Indonesia, a single success should have a large material impact on the company’s stock price; we maintain our Buy recommendation."

Jay Taylor, Gold, Energy & Tech Stocks (12/20/12) "With a very strong working capital position, Pan Orient Energy Inc. has a chance to grow substantially with some good exploration results. And with a very strong netback from its Thai oil field (it was $73 last quarter, even when the price of oil was under pressure), it can spit out between $25–30 M cash flow with each 1 Kbbl/d production. The wells the company are drilling are relatively low cost, given the large upside potential for them to produce on the order of 1 Kbbl/d."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (12/20/12) "Pan Orient Energy Corp. should have many results from Thailand and Indonesia, as well as the heavy oil in Canada in H2/12. I read a report that put a successful case of the company's NAV in the $40 range in Indonesia, plus extra upside from Thailand and Canada, with very limited downside. I have been following Pan Orient for many years and finally we are getting close the major exploration. . .the company has a very strong balance sheet and can fund all the exploration with existing cash."

Lyndon Dunkley, Paradigm Capital (11/28/12) "We anticipate Pan Orient Energy Corp.'s construction of the Thailand drilling locations to start shortly with a rig contracted to begin drilling three development wells and two exploration wells on the L53 block in December; we believe the L53 block will most likely be the next saleable asset once it has been delineated and further derisked. We maintain our Buy recommendation and $5 target price."

Bill Newman, Mackie Research Capital (11/27/12) "Pan Orient Energy Corp.'s production increased in October to an average of 975 bbl/day and current production is approximately 1,195 bbl/day. . .in December, the company will commence a five-well drilling program. . .management is targeting an exit 2012 production rate of between 1,400 bbl/day and 1,600 bbl/day. . .Pan Orient is in a strong financial position to continue to fund production growth in Thailand, drill higher-risk, high-impact exploration wells in Indonesia and fund its SAGD project in Canada; we maintain our Buy recommendation and $5.60 target price."

Geoff Ready, Haywood Securities (11/27/12) "We maintain our target price of $6/share and our Sector Outperform investment recommendation for Pan Orient Energy Corp. Our target price is an 88% premium to the last closing price. . .production will be down from our previous expectations in 2013; however, this will be more than offset by lower costs."

Lyndon Dunkley, Paradigm Capital (11/7/12) "Pan Orient Energy Corp. provides shareholders with strong growth opportunities in Thailand, essentially all through the drill bit. . .the company announced an agreement to farm-in on Mitra Energy's onshore Thailand Concession L45/50. . .Pan Orient will earn up to a 60% interest and operatorship through the acquisition of ~80 sq km of 3D seismic data in late Q1/13 and the subsequent drilling of up to two exploration wells. . .we believe the farm-in agreement is a positive event. . .we maintain our Buy recommendation and $5 target price."

Lyndon Dunkley, Paradigm Capital (10/19/12) "Pan Orient Energy Corp. entered into an agreement to purchase a 20% working interest from its partner in the Citarum PSC (97% working interest post). . .we believe the increased working interest at Citarum is a positive event as the high-impact targets are worth the increased risk. . .we maintain our Buy recommendation and $5 target price."

Bill Newman, Mackie Research Capital (10/18/12) "Pan Orient Energy Corp. entered into an agreement to acquire its partner's 20% interest in the Citarum Production Sharing Contract block in Indonesia; Pan Orient's interest increases from 77% to 97%. . .each of the five exploration wells in Indonesia that will be drilled over the next six months is targeting a large potential resource; one discovery will have a material impact on the stock price. Pan Orient remains well funded to carry out its development and exploration program in Thailand and its high impact exploration in Indonesia. We maintain our Buy recommendation."

Geoff Ready, Haywood Securities (10/18/12) "We maintain our target price of $6/share and our Sector Outperform investment recommendation on Pan Orient Energy Corp. . .the company has purchased an additional 20% interest in the Citarum PSC, which brings its total interest in the area to 97%."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (10/18/12) "I have been following Pan Orient Energy Corp. for over five years, and the next six months will be the most exciting period, with so many high-impact wells to be drilled. I've never seen a fully funded company with so many high-impact targets on three different concessions. . .there were many other companies at the recent Canaccord conference. . .comparatively, Pan Orient has more cash, more oil production and more high-impact wells coming. . .as well as a lower market cap."

David Popowich, Macquarie Capital Markets (9/30/12) "With working capital plus non-current deposits of CA$184.5M, Pan Orient Energy Corp. is adequately funded to maintain its ongoing exploration and development programs in Thailand and Indonesia for the time being. The company is also directing CA$24.7M to fund the advancement of a steam-assisted gravity drainage pilot for its western Canada subsidiary, Andora Energy Corp."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (9/24/12) "Pan Orient Energy Corp. has a great balance sheet and cash flow-generating properties in Thailand. The company is going to drill 10 big wells in the next 6–12 months in Indonesia; any successful well could double its share price. . .I believe Pan Orient Energy has very limited downside from here."

Lyndon Dunkley, Paradigm Capital (9/5/12) "Pan Orient Energy Corp.'s concession in Thailand's L53-D east field provides significant lower-risk development potential with up to 14 well locations having been approved. Current production from L53 of 1,150 bblpd will be expected to increase materially once the company's drilling program commences in December; we maintain our Buy recommendation."

Bill Newman, Mackie Research Capital (8/31/12) "Each of Pan Orient Energy Corp's five exploration wells that are expected to be drilled in Indonesia in 2012 is targeting a large potential resource. . .the company remains well funded to carry out its development and exploration program in Thailand and its high-impact exploration in Indonesia. We maintain our Buy recommendation."

Lyndon Dunkley, Paradigm Capital (8/24/12) "Pan Orient Energy Corp. announced its Q2/12 financial and operating results, in addition to an extensive operations update, which included the Thai government's recent granting of the approval of a 20-year production license for L53-D East. . .the company's Thailand production is poised to greatly increase with the newly approved L53 production license. . .we maintain our Buy recommendation and $5 target price."

Bill Newman, Mackie Research Capital (8/24/12) "Pan Orient Energy Corp.'s Q2/12 financial and operating results are in line. . .and the company remains well funded to carry out its development and exploration program in Thailand and its high-impact exploration in Indonesia. . .we maintain our Buy recommendation."

Brad Lemaire, Proactive Investors (8/23/12) "Pan Orient Energy Corp's net income in Q2/12 reached $79.3M or $1.40/share, compared with $4.6M or $0.08/share a year prior. Results were driven by a $77.3M after-tax gain from the sale of mining concessions in Thailand, including interests in concessions L44, L33 and SW1."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (8/23/12) "This morning, Pan Orient Energy Corp. provided an update on its operations in the Q2/12 report. On first glance, there were more delays from the three major operations. . .traders obviously didn't like it and traded it down. We are in the exploration business, and these delays are out of the control of the management. The company has a big cash position and is not raising money any time soon, so the delay will have very little impact to outcome. As an investor, I am staying calm and waiting to collect my dividend early month."

David Popowich, Macquarie Capital Markets (8/23/12) "Pan Orient Energy Corp.'s quarterly results were largely in line. . .with proceeds from the sale of the company's Thai assets, the stock's valuation is well supported by cash (estimated at ~$2.50/share), and Pan Orient will be able to finance an active exploration program over the next year."

Bill Newman, Mackie Research Capital (8/22/12) "Pan Orient Energy Corp. shareholders approved a plan to pay a special distribution of $42.5M ($0.75/share) with an effective date of September 6, 2012, and a date of record of August 30, 2012,. . .following the monetization of its 60% interest in three mature concessions in Thailand for net cash proceeds of ~$162M in June 2012, Pan Orient remains well capitalized to proceed with its high impact exploration program in Indonesia and at the L53 concession in Thailand."

Bill Newman, Mackie Research Capital (8/13/12) "While the activity at the Sawn Lake asset is positive and the prospective value of monetizing the asset would be material to the value of Pan Orient Energy Corp., the main focus of the investment remains the high-impact exploration prospects in Indonesia; we expect results from the Jatayu-1 exploration well (77% W.I.) shortly. A positive test from the Jatayu-1 would be a significant catalyst for the stock and has the potential to add massive reserves: We maintain our Buy recommendation on the company's exploration program in Indonesia."

Lyndon Dunkley, Paradigm Capital (7/26/12) "Though Pan Orient Energy Corp.'s difficulty with the Jatayu-1 well is indicative of frontier drilling, the continued presence of high-pressure gas and close proximity to other large gas accumulations demonstrate the company is at least confirming its geological model. If Pan Orient can successfully run a cement plug through the problematic zone and keep drilling down to the originally expected total depth, an economic well can still be achieved. . .we maintain our Buy recommendation and $5 target price."

Bill Newman, Mackie Research Capital (7/25/12) "We maintain our Buy recommendation on Pan Orient Energy Corp.'s exploration program in Indonesia and our target price of $6.50. . .following completion of operations at the Jatuyu-1 well, the company plans to drill the Cataka-1A and Geulis-1 exploration wells in 2012 on the Citarum block. . .there is a large potential resource: Management estimates that the three planned wells are targeting a net unrisked mid-case net prospective resource of 0.73 Tcf of natural gas."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (7/25/12) "Personally, I believe Pan Orient Energy Corp. is worth a lot more than the cash level; it has a large land package it assembled in the past five years, plus it has a producing field in Thailand. . .the company will drill around 10 high-impact wells in the next 12 months. . .I believe each well on average has at least 50% chance. Seldom do you have this kind of risk-reward and I intend to hold my positions, if not add on weakness."

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