Pan Orient Energy Corp.: Operations Update
February 10 2014 - 8:30AM
Marketwired
Pan Orient Energy Corp.: Operations Update
CALGARY, ALBERTA--(Marketwired - Feb 10, 2014) - Pan Orient
Energy Corp. ("Pan Orient" or the "Corporation") (TSX-VENTURE:POE)
is pleased to provide an update on operations in Thailand.
Concession L53 Onshore Thailand (Pan Orient Operator and 100%
Working Interest)
Thailand Oil
Production
Oil sales averaged 534 BOPD in January and 522 BOPD over the
past 30 days. Current production is 558 BOPD with an additional
approximately 530 BOPD shut-in (total current production capacity
of 1,088 BOPD) until the approval of the L53-G production
Environmental Impact Assessment ("EIA") now anticipated in
late-February 2014, an approximate one month delay from the
previous estimate. The current daily production rate is 132 BOPD
less than the 690 BOPD reported on December 18, 2013 is mainly due
to the end of flush production from the work over at the L53-A1
well.
Oil sales averaged 963 BOPD in the fourth quarter of 2013 and
reflects the shut-in of wells in the L53-G field at the end of
their respective testing periods (L53-G3ST1 which was producing
approximately 80 BOPD when shut-in on September 12th, L53-G4 which
was producing approximately 40 BOPD when shut-in on November 15th
and L53-G2 which was producing approximately 410 BOPD when shut-in
on December 6th).
An additional approximately 3,600 barrel of oil is currently in
inventory due to the increased cycle time required to get this
heavier oil to water cut specifications of the refinery. Upon
approval of the L53-G production EIA, a large volume of light oil
will be available to blend with the heavier oil and allow the
inventory to be sold during the first month at an estimated 100
BOPD.
One well work over was conducted in December 2013 that was
unsuccessful in a zone with no reserves attributed to it, and a
second originally planned work over was deferred.
L53
Operations
On September 9, 2013 the L53-G production EIA was submitted with
approval now anticipated in late-February 2014. On August 13, 2013
the production license application for the L53-G discovery was
submitted and was approved on January 13, 2014. Both production EIA
and production license approvals are required to commence long term
production that is not subject to 90 day test periods.
Location construction has been completed at the L53 "A" Central
site and a rig contract has been signed with drilling of this
potentially high impact prospect anticipated to commence in late
February and take approximately fourteen days to reach total
depth.
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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