CALGARY, ALBERTA–(Marketwired – March 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.
President and CEO (located in Bangkok, Thailand)
Pan Orient Energy Corp.
Vice President Finance and CFO