CALGARY, AB – Pan Orient Energy Corp. (“Pan Orient” or the “Company”) (POE – TSXV) is pleased to provide the following Operations and Corporate update. Please note that all amounts are in Canadian dollars unless otherwise stated and BOPD refers to barrels of oil per day.
Concession L53 (Pan Orient Energy (Siam) Ltd., in which Pan Orient has 50.01% ownership)
Thailand oil sales for Concession L53 averaged 2,259 BOPD, 3,135 BOPD and 3,024 BOPD (1,130 BOPD, 1,568 BOPD and 1,512 BOPD net to Pan Orient’s 50.01% equity interest) in July, August and September respectively. Oil sales in the first 23 days of October have averaged 3,191 BOPD (1,596 BOPD net to Pan Orient’s 50.01% equity interest) despite approximately 390 BOPD (195 BOPD net to Pan Orient’s 50.01% equity interest) that has been shut-in since October 13th due to the worst flooding conditions experienced in the Suphan Buri region of Thailand since 2011. It is anticipated this production will likely be back onstream within the next 14 to 21 days. In addition, two workovers are planned on the L53-DD6ST2 and L53-DD10 wells with completion of both anticipated within the next 14 to 21 days, and both targeting the AA2 sand that has had no reserves attributed to it in the most recent third-party reserves report. Production has been strong, near record levels for Concession L53 and in-line with expectations based on the recently completed reservoir simulation. Further near-term increases are anticipated upon bringing back the currently shut-in production and completion of the workover program.