Pan Orient Energy Corp.: Thailand Drilling Update
March 03 2014 - 8:30AM
Marketwired
Pan Orient Energy Corp.: Thailand Drilling Update
CALGARY, ALBERTA--(Marketwired - Mar 3, 2014) - Pan Orient
Energy Corp. ("Pan Orient" or the "Corporation") (TSX-VENTURE:POE)
provides an update on drilling operations in Thailand.
Concession L53 Onshore Thailand (Pan Orient Operator and 100%
Working Interest)
L53-A Central
Exploration Well
The L53-A Central exploration well is currently being abandoned
after failing to encounter commercial hydrocarbons. The well was
vertical and drilled to a total depth of 966 meters, reached on
March 2, 2014.
Thailand drilling is anticipated to recommence in approximately
June 2014 with the drilling of the high impact L53-A North
exploration prospect that was identified on a recently acquired 3D
seismic survey. The environmental impact assessment ("EIA") for the
L53-A North well location, and a number of others, is currently
under application with approval anticipated in May 2014 but subject
to the possibility of similar delays that have been experienced in
past EIA approvals.
The L53-A North prospect lies approximately 5 kilometers south
of the PTT Exploration and Production operated U-Thong oil field.
The disappointing drilling result of the L53-A Central prospect,
located in the Kamphaeng Saen basin, is believed to have no bearing
on the pre drill estimated chance of success for the L53 -A North
prospect, which is located in the separate Suphan Buri basin.
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)
Historical Stock Chart
From Jun 2024 to Jul 2024
Pan Orient Energy (TSXV:POE)
Historical Stock Chart
From Jul 2023 to Jul 2024