"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."
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."