CALGARY, ALBERTA–(Marketwired – March 2, 2015) – Pan Orient Energy Corp. (TSX VENTURE: POE) –
The L53-ANC1 exploration well has been plugged and abandoned after failing to encounter commercial hydrocarbons. Oil shows and elevated mud gas readings were observed while drilling through three separate target sandstone intervals, however the these sandstones were indicated to have low permeability (tight) on the basis of open hole logs and pressure measurements. Work is underway incorporating these well results into the regional model and initial interpretations suggest that potential quality reservoir sands may be expected further east into the deeper basin where a series of untested structural closures has been identified on recently acquired 3D seismic data.
The Elite-E01 drilling rig is expected to commence drilling the L53-DC1 ST1 well shortly. The L53-DC1 ST1 appraisal well is targeting an undrilled fault compartment within the boundary of the L53-D East Field, in an area that currently has no reserves assigned to it.
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 press 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 press release includes, but is not limited to, references to completion of the of the transaction generally, anticipated net proceeds, satisfaction of closing conditions and anticipated closing date. By its very nature, the forward-looking information contained in this press release requires Pan Orient and its management to make assumptions that may not materialize or that may not be accurate. In addition, the forward-looking information is subject to known and unknown risks and uncertainties and other factors, some of which are beyond the control of Pan Orient, which could cause actual results, expectations, achievements or performance to differ materially. Although Pan Orient believes that the expectations reflected in its forward-looking information are reasonable, it can give no assurances that those expectations will prove to be correct. Pan Orient undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
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Pan Orient Energy Corp.
President and CEO (located in Bangkok, Thailand)
Pan Orient Energy Corp.
Vice President Finance and CFO