CALGARY, AB – Pan Orient Energy Corp. (“Pan Orient”) (TSXV: POE) reports 2020 year-end and fourth quarter consolidated financial and operating results. Please note that all amounts are in Canadian dollars unless otherwise stated, BOPD refers to barrels of oil per day and BOPD for Thailand operations represents volumes net to Pan Orient’s 50.01% equity interest in the Thailand Joint Venture.
The Company is today filing its audited consolidated financial statements as at and for the year ended December 31, 2020 and related management’s discussion and analysis with Canadian securities regulatory authorities. Copies of these documents may be obtained online at www.sedar.com or the Company’s website, www.panorient.ca.
Commenting today on Pan Orient’s 2020 results, President and CEO Jeff Chisholm stated:
“2020 was a challenging year as a result of the severe oil price decline experienced in the March-April time frame and uncertainties related to Covid-19. Despite these obstacles, Pan Orient drilled eight wells in 2020 entirely funded by Thailand free cashflow, produced and sold 440,020 barrels of oil, a 14% increase over 2019 and an historic high for Concession L53, and added 542,000 barrels of proved and probable reserves (a 30% increase) at year-end. The estimated ultimate recovery for proved and probable reserves increased by 982,020 barrels of oil net to the Company. Oil production ramped up in September with the completion of drilling of the L53-DD7/L53-DD8 wells and remained strong into year-end 2020 with the drilling of L53-DD9 in November.
Subsequently to year end, a two to three well Thailand appraisal drilling program has commenced with the L53-DD10 well that has just completed drilling and L53-DD12 drilling has just commenced. L53-DD10 encountered approximately 38 meters of combined net oil pay within the AA, BB, CC and EE sands, including approximately three meters of net oil pay in one additional sand that has previously not been produced in the L53-DD field. L53-DD10 is expected to be on long-term production after the completion of the two to three well drilling program. It is anticipated this appraisal drilling program will solidify production through 2021.
Given the current Brent oil pricing of approximately US$69 per barrel versus the year-end 2020 reserve report assumed average for 2021 of US$48 per barrel, it is with some optimism that we look forward to 2021 and the impact improved oil pricing would have on Thailand cashflow and the potential value of the Company’s Sawn Lake heavy oil asset.”
HIGHLIGHTS
Thailand (Pan Orient’s 50.01% equity interest in the Thailand Joint Venture)
Indonesia East Jabung Production Sharing Contract (Pan Orient is non-operator with a 49% ownership interest)
Sawn Lake (Operated by Andora Energy Corporation (“Andora”), in which Pan Orient has a 71.8% ownership)
Corporate
OUTLOOK
THAILAND
Concession L53 Onshore (Pan Orient Energy (Siam) Ltd., in which Pan Orient has 50.01% ownership)
A two to three well appraisal drilling program has commenced with the L53-DD10 well that has just completed drilling. L53-DD10 is expected to be on long-term production upon completion of the two to three well appraisal drilling program. The L53-DD12 appraisal well has just commenced drilling and will tentatively be followed by the L53-DD11 appraisal well. It is anticipated this appraisal drilling program will solidify production through 2021.
Nearing the completion of the planned appraisal drilling program anticipated in April 2021, the Company will be in a position to best determine the future of the Thailand asset that would maximize shareholder value. The Company maintains a very favorable view of the current Thailand fiscal terms, operating environment and exploration potential that will be available in future onshore licensing rounds.
CANADA
Sawn Lake (Operated by Andora Energy Corporation (“Andora”), in which Pan Orient has a 71.8% ownership)
In 2020, Andora actively reviewed a range of alternatives to move the Sawn Lake project forward with minimum development costs to Andora, including partnership or outright sale to achieve value for Andora and Pan Orient shareholders. Despite the write-down in the first quarter of 2020, the current oil price environment, should it hold at these levels, provides strong economic support to the various options of monetizing or progressing this project.
COVID-19 Coronavirus
The operations in Thailand of Pan Orient Energy (Siam) Ltd. (“POS”) continue to be somewhat affected by the worldwide COVID-19 coronavirus pandemic. The Thailand government imposed a state of emergency in late March 2020, giving it wide-ranging powers to address the crisis. Domestic travel restrictions have now been eased but restrictions on foreigners entering Thailand remain in effect. Overall, the infection and death rate has been much lower in Thailand than in most western nations.
Prudent measures have been taken by POS to help protect the health and safety of staff, which are of paramount importance. Fortunately, POS in Thailand has able to complete its 2020 drilling program and is proceeding with its 2021 Thailand drilling program. POS and Pan Orient are well-positioned to withstand these unprecedented events. The Company is optimistic about a return to normal operations and less volatile market conditions but the outlook for world oil prices remains somewhat uncertain.
Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations currently located onshore Thailand and 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 express or implied to renewal, extension or termination of oil concessions and production sharing contracts; other regulatory approvals; well drilling programs and drilling and testing plans; estimates of reserves and potentially recoverable resources; oil price expectations information on future production and project start-ups; the expected impact of actions on financial results and intentions with respect to cash balances; potential purchases of common shares under the normal course issuer bid; sufficiency of financial resources; and review of asset portfolio and defining opportunities and strategies. 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 reserves 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.
Financial and Operating Summary |
Three Months Ended December 31, |
Year Ended December 31, |
% Change |
|||
(thousands of Canadian dollars except where indicated) |
2020 |
2019 |
2020 |
2019 |
||
FINANCIAL |
||||||
Financial Statement Results – Excluding 50.01% Interest in Thailand Joint Venture (Note 1) |
||||||
Net loss attributed to common shareholders |
(417) |
(26,856) |
(59,631) |
(25,304) |
136% |
|
Per share – basic and diluted |
$ (0.01) |
$ (0.49) |
$ (1.13) |
$ (0.46) |
136% |
|
Cash flow used in operating activities (Note 2 & 3) |
(597) |
(250) |
(1,942) |
(1,692) |
15% |
|
Per share – basic and diluted |
$ (0.01) |
$ (0.00) |
$ (0.04) |
$ (0.03) |
15% |
|
Cash flow from (used in) investing activities (Note 2 & 3) |
(26) |
5,809 |
6,984 |
(5,026) |
39% |
|
Per share – basic and diluted |
$ 0.00 |
$ (0.01) |
$ 0.13 |
$ 0.09 |
39% |
|
Cash flow used in financing activities (Note 2 & 3) |
(225) |
(675) |
(1,733) |
(585) |
196% |
|
Per share – basic and diluted |
$ (0.00) |
$ (0.01) |
$ (0.03) |
$ (0.01) |
196% |
|
Change in cash and cash equivalents from discontinued operations (Note 3) |
(46) |
(7,386) |
(795) |
(8,593) |
-91% |
|
Working capital |
22,968 |
21,554 |
22,968 |
21,554 |
7% |
|
Working capital & non-current deposits |
23,577 |
22,158 |
23,577 |
22,158 |
6% |
|
Long-term debt |
– |
– |
– |
– |
0% |
|
Shares outstanding (thousands) |
51,744 |
54,496 |
51,744 |
54,496 |
-5% |
|
Capital Commitments (Note 4) |
801 |
719 |
801 |
719 |
11% |
|
Working Capital and Non-current Deposits |
||||||
Beginning of period – Excluding Thailand Joint Venture |
26,411 |
32,458 |
22,158 |
33,139 |
-33% |
|
Adjusted funds flow used in continuing operations (Note 3 & 6) |
(1,754) |
(602) |
(3,340) |
(2,733) |
22% |
|
Adjusted funds flow from (used in) discontinued operations (Note 3) |
47 |
(296) |
395 |
(392) |
-201% |
|
Issuance of common shares |
– |
– |
– |
222 |
-100% |
|
Consolidated capital expenditures (Note 7) |
– |
(8,433) |
(85) |
(12,833) |
-99% |
|
Amounts advanced to Thailand Joint Venture |
(25) |
(7) |
(43) |
(519) |
-92% |
|
Dividend received from Thailand Joint Venture |
– |
– |
7,112 |
6,624 |
7% |
|
Finance lease payments |
(3) |
(47) |
(139) |
(130) |
7% |
|
Normal course issuer bid |
(222) |
(671) |
(1,705) |
(798) |
114% |
|
Effect of foreign exchange |
(877) |
(244) |
(776) |
(422) |
84% |
|
End of period – Excluding Thailand Joint Venture |
23,577 |
22,158 |
23,577 |
22,158 |
6% |
|
Pan Orient 50.01% interest in Thailand Joint Venture Working Capital and Non-Current Deposits |
4,875 |
10,493 |
4,875 |
10,493 |
-54% |
|
Economic Results – Including 50.01% Interest in Thailand Joint Venture |
||||||
Total corporate adjusted funds flow from (used in) operations by region (Note 6) |
||||||
Canada |
(1,745) |
(593) |
(3,310) |
(2,692) |
23% |
|
Thailand (Note 8) |
(9) |
(9) |
(30) |
(41) |
-29% |
|
From continuing operations |
(1,754) |
(602) |
(3,340) |
(2,733) |
22% |
|
Indonesia – Discontinued Operations |
47 |
(296) |
395 |
(392) |
-201% |
|
Adjusted funds flow used in operations (excl. Thailand Joint Venture) |
(1,707) |
(898) |
(2,945) |
(3,125) |
-6% |
|
Share of Thailand Joint Venture (Note 1 & 5) |
3,235 |
4,089 |
12,492 |
19,984 |
-37% |
|
Total corporate adjusted funds flow from operations |
1,528 |
3,191 |
9,547 |
16,859 |
-43% |
|
Per share – basic and diluted |
$ 0.03 |
$ 0.06 |
$ 0.18 |
$ 0.31 |
-42% |
|
Capital Expenditures – Petroleum and Natural Gas Properties (Note 7) |
||||||
Canada |
– |
205 |
85 |
604 |
-86% |
|
Indonesia – Discontinued Operations |
– |
8,228 |
– |
12,229 |
-100% |
|
Consolidated capital expenditures (excl. Thailand Joint Venture) |
– |
8,433 |
85 |
12,833 |
-99% |
|
Share of Thailand Joint Venture capital expenditures |
1,644 |
2,872 |
10,248 |
9,113 |
12% |
|
Total capital expenditures (incl. Thailand Joint Venture & discontinued ops) |
1,644 |
11,305 |
10,333 |
21,946 |
-53% |
|
Investment in Thailand Joint Venture |
||||||
Beginning of period |
26,809 |
32,898 |
34,127 |
34,504 |
-1% |
|
Net income from Joint Venture |
1,294 |
1,186 |
1,906 |
4,890 |
-61% |
|
Other comprehensive gain (loss) from Joint Venture |
201 |
37 |
(635) |
839 |
-176% |
|
Dividend paid |
– |
– |
(7,112) |
(6,624) |
7% |
|
Amounts advanced to Joint Venture |
25 |
7 |
43 |
519 |
-92% |
|
End of period |
28,329 |
34,128 |
28,329 |
34,128 |
-17% |
Three Months Ended December 31, |
Year Ended December 31, |
% Change |
||||
(thousands of Canadian dollars except where indicated) |
2020 |
2019 |
2020 |
2019 |
||
Thailand Operations |
||||||
Economic Results – Including 50.01% Interest in Thailand Joint Venture (Note 5) |
||||||
Oil sales (bbls) |
137,137 |
113,324 |
444,020 |
386,877 |
15% |
|
Average daily oil sales (BOPD) by Concession L53 |
1,491 |
1,232 |
1,213 |
1,060 |
14% |
|
Average oil sales price, before transportation (CDN$/bbl) |
$ 56.95 |
$ 62.64 |
$ 54.18 |
$ 74.65 |
-27% |
|
Reference Price (volume weighted) and differential |
||||||
Crude oil (Brent $US/bbl) |
$ 44.62 |
$ 63.32 |
$ 41.73 |
$ 63.91 |
-35% |
|
Exchange Rate $US/$Cdn |
1.32 |
1.34 |
1.35 |
1.35 |
0% |
|
Crude oil (Brent $Cdn/bbl) |
$ 58.71 |
$ 84.96 |
$ 56.16 |
$ 86.48 |
-35% |
|
Sale price / Brent reference price |
97% |
74% |
96% |
86% |
12% |
|
Adjusted funds flow from (used in) operations (Note 6) |
||||||
Crude oil sales |
7,810 |
7,099 |
24,055 |
28,882 |
-17% |
|
Government royalty |
(419) |
(369) |
(1,252) |
(1,503) |
-17% |
|
Transportation expense |
(314) |
(272) |
(1,005) |
(934) |
8% |
|
Operating expense |
(1,094) |
(846) |
(3,424) |
(2,385) |
44% |
|
Field netback |
5,983 |
5,612 |
18,374 |
24,060 |
-24% |
|
General and administrative expense (Note 8) |
(306) |
(299) |
(968) |
(953) |
1% |
|
Interest income |
1 |
21 |
7 |
43 |
-81% |
|
Foreign exchange gain |
4 |
23 |
46 |
68 |
-32% |
|
Current income tax |
(2,456) |
(1,277) |
(4,997) |
(3,275) |
53% |
|
Thailand – Adjusted funds flow from operations |
3,226 |
4,080 |
12,462 |
19,943 |
-38% |
|
Adjusted funds flow from (used in) operations / barrel (CDN$/bbl) (Note 6) |
||||||
Crude oil sales |
$ 56.95 |
$ 62.64 |
$ 54.18 |
$ 74.65 |
-27% |
|
Government royalty |
(3.06) |
(3.26) |
(2.82) |
(3.88) |
-27% |
|
Transportation expense |
(2.29) |
(2.40) |
(2.26) |
(2.41) |
-6% |
|
Operating expense |
(7.98) |
(7.47) |
(7.71) |
(6.16) |
25% |
|
Field netback |
$ 43.63 |
$ 49.52 |
$ 41.38 |
$ 62.19 |
-33% |
|
General and administrative expense (Note 8) |
(2.22) |
(2.64) |
(2.18) |
(2.46) |
-11% |
|
Interest Income |
0.01 |
0.19 |
0.02 |
0.11 |
-86% |
|
Foreign exchange gain |
0.03 |
0.20 |
0.10 |
0.18 |
-42% |
|
Current income tax |
(17.91) |
(11.27) |
(11.25) |
(8.47) |
33% |
|
Thailand – Adjusted funds flow from operations |
$ 23.54 |
$ 36.00 |
$ 28.07 |
$ 51.55 |
-46% |
|
Government royalty as percentage of crude oil sales |
5% |
5% |
5% |
5% |
0% |
|
Income tax & SRB as percentage of crude oil sales |
31% |
18% |
21% |
11.3% |
0% |
|
As percentage of crude oil sales |
||||||
Expenses – transportation, operating, G&A and other |
22% |
19% |
22% |
14% |
8% |
|
Government royalty, SRB and income tax |
37% |
23% |
26% |
17% |
9% |
|
Adjusted funds flow from operations, before interest income |
41% |
57% |
52% |
69% |
-17% |
|
Wells drilled |
||||||
Gross |
1 |
1 |
8 |
7 |
14% |
|
Net |
0.5 |
0.5 |
4.0 |
3.5 |
14% |
|
Financial Statement Presentation Results – Excl. 50.01% Interest in Thailand Joint Venture (Note 1) |
||||||
General and administrative expense (Note 8) |
(9) |
(9) |
(30) |
(41) |
-29% |
|
Adjusted funds flow used in consolidated operations |
(9) |
(9) |
(30) |
(41) |
-29% |
|
Adjusted fund flow included in Investment in Thailand Joint Venture |
||||||
Net income from Thailand Joint Venture |
1,294 |
1,186 |
1,906 |
4,890 |
-61% |
|
Add back non-cash items in net income |
1,941 |
2,903 |
10,586 |
15,094 |
-30% |
|
Adjusted funds flow from Thailand Joint Venture |
3,235 |
4,089 |
12,492 |
19,984 |
-37% |
|
Thailand – Economic adjusted funds flow from operations (Note 5) |
3,226 |
4,080 |
12,462 |
19,943 |
-38% |
Three Months Ended December 31, |
Year Ended December 31, |
% Change |
||||
(thousands of Canadian dollars except where indicated) |
2020 |
2019 |
2020 |
2019 |
||
Canada Operations |
||||||
Interest income |
19 |
119 |
220 |
397 |
-45% |
|
General and administrative expenses (Note 8) |
(546) |
(397) |
(2,070) |
(2,082) |
-1% |
|
Operating expense (Note 9) |
(54) |
– |
(210) |
– |
||
Stock based compensation on restricted share units (note 10) |
(156) |
– |
(383) |
– |
||
Realized foreign exchange gain (Note 11) |
1 |
1 |
2 |
1 |
100% |
|
Unrealized foreign exchange loss (loss) (Note 11) |
(1,009) |
(316) |
(869) |
(1,008) |
-14% |
|
Canada – Adjusted funds flow used in operations |
(1,745) |
(593) |
(3,310) |
(2,692) |
23% |
|
Indonesia – Discontinued Operations |
||||||
General and administrative expense (Note 8) |
(61) |
(274) |
(284) |
(442) |
-36% |
|
Recovery of impairment expense (Note 12) |
1 |
– |
675 |
– |
0% |
|
Unrealized foreign exchange gain (loss) |
107 |
(22) |
4 |
50 |
-92% |
|
Indonesia – Adjusted funds flow from (used in) operations |
47 |
(296) |
395 |
(392) |
201% |
Year Ended December 31, |
% Change |
||||||||||||||
(thousands of Canadian dollars except where indicated) |
2020 |
2019 |
|||||||||||||
RESERVES AND CONTINGENT RESOURCES |
|||||||||||||||
Onshore Thailand – Concession L53 (50.01% economic interest) (Note 1) |
(Note 14) |
(Note 13) |
|||||||||||||
Proved oil reserves (thousands of barrels) |
1,418 |
618 |
129% |
||||||||||||
Proved plus probable oil reserves (thousands of barrels) |
2,377 |
1,834 |
30% |
||||||||||||
Net present value of proved + probable reserves, after tax discounted at 10% |
38,888 |
43,690 |
-11% |
||||||||||||
Per Pan Orient share – basic (Note 15) |
$ 0.75 |
$ 0.80 |
-6% |
||||||||||||
Canada (Pan Orient’s 71.8% share of the oil sands leases of Andora at Sawn Lake, Alberta) |
(Note 16) |
||||||||||||||
INTERNATIONAL INTERESTS AT DECEMBER 31, 2020 |
|||||||||||||||
All amounts reflect Pan Orient’s economic interest |
Status |
Net Square |
December 31, 2020 Financial Commitments (Cdn thousands) |
2020 Avg. |
P+P |
||||||||||
Onshore Thailand Concession (Recorded in Investment in Joint Venture) |
|||||||||||||||
L53/48 (Pan Orient 50.01% ownership in Pan Orient Energy (Siam) Ltd. (Note 1 & 17) |
Partially developed |
119 |
– |
1,213 |
2,377 |
||||||||||
Onshore Indonesia PSC (Consolidated subsidiary) |
|||||||||||||||
East Jabung PSC, South Sumatra (49% interest & non-operator) (Note 3) |
Expired |
– |
– |
||||||||||||
119 |
– |
||||||||||||||
(1) |
Pan Orient holds a 50.01% equity interest in Pan Orient Energy (Siam) Ltd. as a joint arrangement where the Company shares joint control with the 49.99% equity interest holder. The resulting joint arrangement is classified as a Joint Venture under IFRS 11 and is accounted for using the equity method of accounting where Pan Orient’s 50.01% equity interest in the assets, liabilities, working capital, operations and capital expenditures of Pan Orient Energy (Siam) Ltd. are recorded in Investment in Thailand Joint Venture. |
(2) |
As set out in the Consolidated Statements of Cash Flows in the Consolidated Financial Statements of Pan Orient Energy Corp. |
(3) |
The East Jabung Production Sharing Contract (“PSC”) expired in January 2020 and the operator is determining final steps to be taken for formal approval of the expiry from the Government of Indonesia, including reclamation requirements. Pan Orient is withdrawing from operations in Indonesia and the office in Jakarta was closed March 31, 2020. For accounting purposes, the operation in Indonesia for accounting purposes is considered a discontinued operation for 2020 onwards and the amounts presented for 2019 have been updated for comparative purposes. |
(4) |
Refer to Commitments note disclosure of the December 31, 2020 and December 31, 2019 Consolidated Financial Statements. |
(5) |
For the purpose of providing more meaningful economic results from operations for Thailand, the amounts presented include 50.01% of results of the Thailand Joint Venture. Pan Orient has a 50.01% ownership interest in Pan Orient Energy (Siam) Ltd., but does not have any direct interest in, or control over, the crude oil reserves, operations or working capital of on-shore Concession L53. |
(6) |
Total corporate adjusted funds flow from operations is cash flow from operating activities prior to changes in non-cash working capital, unrealized foreign exchange gain or loss plus the corresponding amount from Pan Orient’s 50.01% interest in the Thailand Joint Venture which is recorded in Joint Venture for financial statement purposes. This measure is used by management to analyze operating performance and leverage. Adjusted funds flow as presented does not have any standardized meaning prescribed by IFRS and therefore it may not be comparable with the calculation of similar measures of other entities. Adjusted funds flow is not intended to represent operating cash flow or operating profits for the period nor should it be viewed as an alternative to cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS. |
(7) |
Cost of capital expenditures excluded decommissioning costs, the impact of changes in foreign exchange. |
(8) |
General & administrative expenses excluding non-cash accretion expense. The nominal amount of G&A shown in the three months and years ended December 31, 2020 and 2019 for Thailand operations related to G&A of the holding company of Pan Orient Energy (Siam) Ltd. |
(9) |
Operating expense related to Andora’s suspended demonstration project facility and wellpair at Sawn Lake Central. These expenses were previously capitalized prior to the E&E impairment recorded during the first quarter of 2020. |
(10) |
On May 19, 2020, the Company granted 1,050,000 restricted share units (“RSUs”) to directors, senior management, employees and consultant. The amount represents the stock-based compensation expenses. |
(11) |
Realized and unrealized foreign exchange gain or loss mainly related to the U.S. dollars denominated cash balances held in Canada. |
(12) |
Adjustment to previously booked capital expenditures at East Jabung PSC. |
(13) |
Thailand reserves as at December 31, 2019 as evaluated by Sproule International Limited of Calgary assessed at forecast crude oil reference prices and costs. The US$ reference price for crude oil per barrel (US$ UK Brent per barrel) in the evaluation is $65.00 for 2020, $68.00 for 2021, $70.00 for 2022, $71.40 for 2023, $72.83 for 2024 and prices increase at 2.0% per year thereafter. Foreign exchange rate used of Cdn$1=US$0.76 for 2020, Cdn$1=US$0.77 for 2021 and Cdn$1=US$0.80 thereafter. The engineered values disclosed may not represent fair market value. |
(14) |
Thailand reserves as at December 31, 2020 as evaluated by Sproule International Limited of Calgary assessed at forecast crude oil reference prices and costs. The US$ reference price for crude oil per barrel (US$ UK Brent per barrel) in the evaluation is $48.00 for 2021, $50.00 for 2022, $55.00 for 2023, $56.10 for 2024, $57.22 for 2025 and prices increase at 2.0% per year thereafter. Foreign exchange rate used of Cdn$1=US$0.77. The engineered values disclosed may not represent fair market value. |
(15) |
Per share values calculated based on 51,744,007 and 54,496,007 Pan Orient Shares outstanding at December 31, 2020 and 2019, respectively. |
(16) |
The evaluation of Andora’s contingent resources of the oil sands project at Sawn Lake Alberta, Canada as at September 30, 2019 was conducted by Sproule Associates Limited. Andora’s unrisked “Best Estimate” contingent resources were 227.8 million barrels (163.6 million net to Pan Orient’s interest in Andora) of recoverable bitumen as at September 30, 2019 using forecast prices at September 30, 2019. At March 31, 2020 low commodity prices indicated there was no expected commercial development at Sawn Lake in that market and Andora recorded a full non-cash net impairment charge on the Sawn Lake Exploration and Evaluation assets |
(17) |
At December 31, 2020 Concession L53/48 in Thailand consisted of 25.46 square kilometers associated with the L53-A, L53-B, L53-D, L53-G, L53-DD and L53-South AA fields held through production licenses (with a 20 year primary term ending in 2036 plus an additional 10 year renewal period that can be applied for). The L53-AA field was discovered in 2020 and a 1.86 square kilometer Production License was approved March 12, 2021 by the Government of Thailand. Other than the new L53-AA Production License area, the “reserved area” exploration lands at December 31, 2020 expired on January 7, 2021. |
(18) |
Tables may not add due to rounding. |