CALGARY, ALBERTA -- (Marketwire) -- 01/22/13 -- Pan Orient Energy Corp. ("Pan Orient" or the "Corporation") (TSX VENTURE: POE) announced today that Edward Bush has been appointed as Chief Operating Officer of the Corporation, based in Jakarta, Indonesia. Mr. Bush brings many years of operations and drilling experience to Pan Orient, with over 30 years of oil & gas industry experience, in both international and North American operations. Mr. Bush has worked for several major and independent oil and gas companies in various senior level positions involved primarily with drilling and operations, and in numerous international locations and the Gulf of Mexico. Mr. Bush was Pan Orient's Thailand Drilling Manager from 2007 to 2010 and Pan Orient's General Manager in Thailand from 2010 until January 2012. Mr. Bush is rejoining Pan Orient after spending one year as a country manager with a larger international oil and gas company.
Indonesia Operations Update
Citarum PSC (Pan Orient Operator and 97% Working Interest)
In connection with his appointment, Mr. Bush has conducted a thorough review of all Pan Orient's Indonesia drilling operations including, but not limited to, equipment and personnel. As part of this review, the recommendation has been made to immediately suspend the Cataka-1A well and release the current drilling contractor.
Cataka-1A has been drilled to a measured depth of 1,692 feet (true vertical depth of 1,636 feet) and has been cased with 13 3/8 " casing. Directional drilling continued in the 12 1/4 in hole section down to 2,527 feet, with numerous issues encountered relative to the operation of the rig. As a result, the decision has been made to suspend the well, by setting a number of cement plugs from 2,527 feet to the casing shoe at 1,692 feet, until the June to July 2013 timeframe. The company is currently in negotiations with an established operator for a 1000 horsepower drilling rig. The re-entry of the Cataka-1A well will incorporate new equipment, contractors and personnel.
Batu Gajah PSC (Pan Orient Operator and 77% Working Interest)
The drilling of Shinta-1, the first of three back-to-back appraisal / exploration wells is anticipated to commence in late January to early February 2013. In addition to Shinta-1, Buana-1, an appraisal to the NTO-1 gas discovery, and Kemala-1, an exploration prospect, will be drilled. The drilling contract has been finalized for signature, and a notice to commence mobilization to Shinta-1 has been issued. All location and access road construction is on schedule.
Please refer to the Pan Orient's website (www.panorient.ca) where an updated corporate presentation can be viewed.
Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations located onshore Thailand, Indonesia and in Western Canada.
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.
President and CEO
Pan Orient Energy Corp.
Vice President Finance and CFO
Most Popular Stories
- Paniagua Wins Grand Prize in Young Artists Program
- Yaris Adds French Flair for US Market
- German Intelligence Blames Ukraine Rebels for MH17
- Cable TV Not Going Away, Says Cable TV
- IBM to Pay Big to Unload Chip Division
- Sub Hunt Brings Cold War Chill Back to Baltic
- Turkey to Help Kurds Reach Fight in Kobani
- Kerry Cites Moral Need in Weapons Air Drop
- Cowboys Turn Back Clock to Glory Days
- Perez Leads Push for Obama's Job Proposals