Pan Orient Announces 2013 Year-End Thailand Reserves Update
April 10 2014 - 8:30AM
Marketwired
Pan Orient Announces 2013 Year-End Thailand Reserves Update
CALGARY, ALBERTA--(Marketwired - Apr 10, 2014) - Pan Orient
Energy Corp. (TSX-VENTURE:POE) announced the results of its
December 31, 2013 independent reserves evaluation for Thailand
on-shore Concession L53/48 where Pan Orient is the operator and has
a 100% working interest. Please note that all amounts are in
Canadian dollars unless otherwise stated and BOPD refers to barrels
of oil per day. Company gross reserves reported represent Pan
Orient's working interest share of production and reserves before
deduction of royalties.
The evaluation for the Thailand assets as at December 31, 2013
was conducted by Sproule International Limited of Calgary
("Sproule") and was prepared in accordance with Canadian Securities
Administrators National Instrument 51-101 - Standards of
Disclosure for Oil and Gas Activities.
Thailand Reserves Summary:
- Thailand Company gross proved plus probable crude oil reserves
of 1.5 million barrels at December 31, 2013, with an associated net
present value (after tax), using forecast prices and costs
discounted at 10% per year of Cdn$56 million, or $0.99 per Pan
Orient share based on the current 56.8 million Pan Orient shares
outstanding.
- Company gross proved plus probable crude oil reserves at
December 31, 2013 are from conventional sandstone reservoirs with
0.5 million barrels for each of the L53A, L53D and L53G oil
fields.
- Company gross proved plus probable oil reserves of 1.5 million
barrels at December 31, 2013 reflect the following changes during
2013:
- discovery of the L53G oil field in Concession L53 with 594,000
barrels of oil
- new pool discoveries of 386,000 barrels in the L53D field,
partially offset by downward revision of 234,000 barrels of oil for
the L53D and L53A oil fields in Concession L53
- oil sales in 2013 of 323,676 (887 BOPD) barrels of oil, with
152,313 (417 BOPD) from the L53D field, 88,196 (242 BOPD) from the
L53A filed and 83,167 (228 BOPD) from the L53G field
Summary of Thailand Crude Oil Reserves as of December
31, 2013, as provided by Sproule |
Reserves - Company Gross (thousands of barrels) |
Proved |
621 |
Probable |
888 |
Total Proved plus Probable |
1,509 |
Summary of Thailand Crude Oil Proved plus Probable
Reserves as of December 31, 2013, by Major Field as provided by
Sproule - Company Gross (thousands of barrels) |
Concession |
Major Field |
Proved |
Probable |
Proved plus Probable |
L53/48 |
L53A Field |
140 |
330 |
470 |
|
L53D Field |
271 |
257 |
528 |
|
L53G Field |
210 |
301 |
511 |
|
|
621 |
888 |
1,509 |
Reconciliation of Changes in Thailand Crude Oil
Reserves as of December 31, 2013, as provided by Sproule - Company
Gross |
(thousands of barrels) |
Proved |
Probable |
Proved plus Probable |
December 31, 2012 |
405 |
682 |
1,087 |
Extensions |
- |
- |
- |
Improved Recovery |
- |
- |
- |
Technical Revision |
69 |
(294) |
(226) |
Discoveries |
513 |
467 |
980 |
Acquisitions |
- |
- |
- |
Dispositions |
- |
- |
- |
Economic Factors |
(42) |
34 |
(8) |
Production |
(324) |
- |
(324) |
December 31, 2013 |
621 |
888 |
1,509 |
Summary of Thailand Net Present Values as of December
31, 2013, as provided by Sproule (Before Income Tax) |
Present Value - Before Tax (Cdn$ million) |
Undiscounted |
5% |
10% |
15% |
Proved |
33 |
32 |
30 |
29 |
Probable |
66 |
59 |
53 |
48 |
Total Proved plus Probable |
99 |
90 |
83 |
77 |
Summary of Thailand Net Present Values as of December
31, 2013, as provided by Sproule (After Income Tax ) |
Present Value - After Tax (Cdn$ million) |
Undiscounted |
5% |
10% |
15% |
Proved |
30 |
29 |
28 |
27 |
Probable |
33 |
30 |
28 |
26 |
Total Proved plus Probable |
63 |
59 |
56 |
53 |
Per Pan Orient share (Note 8) |
$ 1.11 |
$ 1.05 |
$ 0.99 |
$ 0.94 |
Notes: |
|
1) |
Thailand reserves and values at December 31, 2013 shown represent
Pan Orient's 100% working interest for Concession L53/48. |
|
2) |
The
tables shown have assessed reserves at forecast crude oil reference
prices and costs. |
|
3) |
The
US$ reference price for crude oil per barrel (US$ UK Brent per
barrel) is $108.06 for 2014, $102.73 for 2015, $97.42 for 2016,
$106.14 for 2017, $107.73 for 2018, $109.34 for 2019 and prices
increase at 1.5% per year thereafter. |
|
4) |
Oil
revenue for these reserves is based on approximately 89% of the
forecast crude oil Brent reference price. |
|
5) |
Tables shown assessed reserves with a foreign exchange rate of
CDN$1=US$0.94 |
|
6) |
The
cost inflation rate starting in 2014 is 1.5% per year. |
|
7) |
Estimated future undiscounted development costs, in nominal
dollars, at December 31, 2013 were Cdn$9.7 million for proved
reserves and Cdn$16.9 million for proved plus probable
reserves. |
|
8) |
Per
share values were calculated based on 56,760,307 Pan Orient shares
currently outstanding. |
|
9) |
Net
present values before income tax are before deduction of the SRB
(Special Remuneratory Benefit tax) in Thailand. |
|
10) |
Net
present values after income tax are after deduction of the SRB
(Special Remuneratory Benefit tax) and income tax in Thailand. |
|
11) |
Well
abandonment and disconnect costs of Cdn$2.9 million were included
in this report. No allowances for reclamation or salvage values
were made. |
|
12) |
The
net present values disclosed may not represent fair market
value. |
|
13) |
Totals may not add exactly due to rounding. |
Pan Orient is a Calgary, Alberta based oil and gas exploration
and production company with operations currently located onshore
Thailand, Indonesia and in Western Canada.
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