Pan Orient Energy Corp. (POE:TSX.V) announced in a news release that its L53-DD4 appraisal well confirmed extension of the L53DD oilfield in Thailand. (Pan Orient has a 50.01% ownership in the L53 concession.)
L53-DD4 reached a true vertical depth of 1,400 meters (1,400m), roughly 1,140m northwest of the DD well pad's surface location.
The L53-DD4 well hit an interpreted 15.6m of net oil pay in the AA2 and BB/CC sandstones between 1,010m and 1,103m of true vertical depth. This determination was based on open-hole wire line logs, hydrocarbon signs seen during drilling and pressure data from all of the zones after drilling.
The high-quality oil pay the L53-DD4 well encountered in the deeper AA2 sand resulted in "a new oil pool discovery," the release noted.
As for the BB/CC sandstones, L53-DD4 encountered the top of them to the northwest of where the L53-DD1 and L53-DD2 holes hit them, 956m away from the former and 1,160m away from the latter. The CC sand L53-DD4 encountered was 7.5m higher than what L53-DD1 hit and was superior in reservoir quality and thickness.
Also, L53-DD4 penetrated a fault compartment next to and north of the main DD oilfield fault compartment previously drilled by L53-DD1 and L53-DD2. Consequently, Proven and Probable reserves from this fault compartment are expected at year-end 2019.
Aiming to start testing the L53-DD4 well as soon as possible, Pan Orient submitted a 90-day application to Thailand's government to do so.
Read what other experts are saying about:
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.
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 interview or the decision to write an article until three business days after the publication of the interview or 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 Corp., a company mentioned in this article.