Pan Orient Energy Corp.: Operations Update
February 26 2014 - 8:30AM
Marketwired
Pan Orient Energy Corp.: Operations Update
CALGARY, ALBERTA--(Marketwired - Feb 26, 2014) - Pan Orient
Energy Corp. ("Pan Orient" or the "Corporation") (TSX-VENTURE:POE)
is pleased to provide an update on operations in Thailand and
Indonesia.
Concession L53 Onshore Thailand (Pan Orient Operator and 100%
Working Interest)
Thailand Oil
Production
On February 19, 2014 the L53-G field production environmental
impact assessment ("EIA") was approved by the Government of
Thailand. The three L53-G wells that had been shut-in awaiting EIA
approval, commenced production shortly thereafter. Total L53
Concession production is currently 1,112 BOPD and has averaged
1,118 BOPD since February 20, the first day all the L53-G wells had
been on production for a full 24 hour period.
L53A Central
Exploration Well
The L53-A Central high impact exploration well is currently
setting casing at a depth of 225 meters and is anticipated to reach
total depth in approximately 10 days.
Indonesia Operations
In response to the January 31, 2013 date for farm-in proposals
to be submitted for the Batu Gajah and East Jabung Production
Sharing Contracts ("PSC's"), Pan Orient has received requests from
companies seeking either a) a timeline extension to evaluate the
recently completed 2D seismic in East Jabung and 3D seismic
processing just completed in Batu Gajah PSC, or b) received
proposals conditional upon final review of this recently acquired
seismic data. In order to facilitate these requests, Pan Orient has
extended the timeline with respect to the receipt of proposals to
March 31, 2014 for both Batu Gajah and East Jabung PSC's. In
addition, as a number of companies have also been evaluating the
Citarum PSC, the February 28, 2014 proposal submission date for
Citarum PSC has also been extended to March 31, 2014 in order to
facilitate proposals which include multiple PSC's.
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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