Pan Orient Energy Corp.: Operations Update
December 18 2013 - 8:30AM
Marketwired
Pan Orient Energy Corp.: Operations Update
CALGARY, ALBERTA--(Marketwired - Dec 18, 2013) - Pan Orient
Energy Corp. ("Pan Orient" or the "Corporation") (TSX-VENTURE:POE)
is pleased to provide an update on operations in Thailand,
Indonesia and Canada.
Concession L53 Onshore Thailand (Pan Orient Operator and 100%
Working Interest)
Thailand Oil
Production
Oil sales averaged 1,058 BOPD in November and 883 BOPD over the
past 30 days reflecting the shut-in of the 410 BOPD L53-G2 well on
December 6 at the end of the expired 90 day production test period.
Current production is 690 BOPD with an additional approximately 530
BOPD shut-in (total current production capacity of 1,220 BOPD)
until the approval of the L53-G production Environmental Impact
Assessment ("EIA") anticipated in mid-January 2014. Two additional
well work overs are planned between now and year-end 2013.
Concession L53
Operations
On September 27, EIA approval was received for eight surface
locations with four wells per surface location (thirty-two wells
total). Three of these approved surface locations are over the high
impact L53 "A" Central prospect with construction on one surface
location to commence prior to year end with drilling anticipated to
commence in February 2014.
On September 9 the L53-G production EIA was submitted with
approval now anticipated in mid-January 2014. On August 13 the
production license application for the L53-G discovery was
submitted with approval also anticipated in January 2014. Both
production EIA and production license approvals are required to
commence long term production that is not subject to 90 day test
periods.
EIA applications for an additional six surface locations on
Concession L53 and two surface locations on Concession L45 were
submitted in early December 2013 with an approximately one month
delay due to a number of the locations being covered by water, not
allowing the collection of soil samples. Two of the Concession L53
surface locations are over the highly prospective L53-A North
prospect located in the northern portion of Concession L53 that was
identified on the new 3D seismic acquired in 2013. Tentative plans
are for the drilling of the L53-A North prospect and one
exploration well in Concession L45 in late Q2 2014 after the
drilling of the L53 "A" Central well in February 2014.
Canada Operations
Sawn Lake Heavy Oil
Project (Andora Energy, owned 71.8% by Pan Orient, has a 50%
Working Interest & Operator)
At the Sawn Lake demonstration project drilling of the first
SAGD well pair has been completed, final site preparation and
construction is underway, and equipment for the facility is ready
for installation. Steam injection at the Sawn Lake SAGD
demonstration project is scheduled for the end of January 2014,
with production anticipated early in the second quarter of
2014.
Indonesia Operations
The fourth quarter has been focused almost entirely on farm-out
activities related to the Citarum, Batu Gajah and East Jabung
PSC's. Interest in the assets has been high and farm-in proposals
for East Jabung and Batu Gajah PSC's have been requested to be
submitted by the end of January 2014 and the end of February 2014
for Citarum PSC.
Operations Summary
The two workovers just completed in Thailand Concession L53 have
been highly successful, adding a combined 230 BOPD of oil. Two
additional workovers remain between now and year-end and full
production capacity is expected to commence in late January 2014
after the L53-G EIA is approved and the three currently shut-in
L53-G wells are turned back on.
The 2014 budget and work program will be strongly influenced by
the results of the Indonesian farm-out activities currently
underway. It is possible that up to seven exploration wells will be
drilled in Indonesia in 2014, subject to farm-out success and a
number of operational / regulatory requirements. In Thailand, it is
anticipated that at least three wells will be drilled in 2014
starting with the L53 "A" Central exploration well in February. Any
exploration success in Thailand would significantly impact the
number of wells drilled in Concession L53 and success in the
farm-out of the Indonesian assets would result in a more aggressive
bias to the number of planned development / appraisal wells. The
Company anticipates to be in a position to provide greater clarity
of the 2014 capital program in late February 2014.
Pan Orient is a Calgary, Alberta based oil and gas
exploration and production company with operations located onshore
Thailand, Indonesia and in Western Canada.
Readers are cautioned that well test results are not
necessarily indicative of long-term performance or of ultimate
recovery.
This news release contains forward-looking information.
Forward-looking information is generally identifiable by the
terminology used, such as "expect", "believe", "estimate",
"should", "anticipate" and "potential" or other similar wording.
Forward-looking information in this news release includes, but is
not limited to, references to: well drilling programs and drilling
plans, estimates of reserves and potentially recoverable resources,
and information on future production and project start-ups. By
their very nature, the forward-looking statements contained in this
news release require Pan Orient and its management to make
assumptions that may not materialize or that may not be accurate.
The forward-looking information contained in this news release is
subject to known and unknown risks and uncertainties and other
factors, which could cause actual results, expectations,
achievements or performance to differ materially, including without
limitation: imprecision of reserve estimates and estimates of
recoverable quantities of oil, changes in project schedules,
operating and reservoir performance, the effects of weather and
climate change, the results of exploration and development drilling
and related activities, demand for oil and gas, commercial
negotiations, other technical and economic factors or revisions and
other factors, many of which are beyond the control of Pan Orient.
Although Pan Orient believes that the expectations reflected in its
forward-looking statements are reasonable, it can give no
assurances that the expectations of any forward-looking statements
will prove to be correct.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Pan Orient Energy Corp.Jeff ChisholmPresident and CEO (located
in Bangkok, Thailand)jeff@panorient.caPan Orient Energy Corp.Bill
OstlundVice President Finance and CFO(403) 294-1770
Pan Orient Energy (TSXV:POE)
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