CALGARY, ALBERTA -- (Marketwired) -- 04/25/13 -- Concession L53 Onshore Thailand (Pan Orient Operator and 100% Working Interest)
Pan Orient Energy Corp. ("Pan Orient" or the "Corporation") (TSX VENTURE: POE) is pleased to announce that the L53-G2 exploration well is currently on a 90 day production test producing 24 degree API oil at a rate of approximately 350 barrels of oil per day ("BOPD") with a 0.5% water cut from seven meters of perforations in eight meters (true vertical thickness) of oil pay in the K40-D sand. It is planned to continue producing the well at this restricted rate throughout the duration of the test. The well encountered a combined total of 20 meters of net oil pay averaging 28% to 32% porosity in the K40-D, C, B and A sands. The L53-G2 well was drilled to a total measured depth 1,650 meters (1,352 meters true vertical depth) from the L53-G well pad approximately 3 kilometers south of the L53-A field well pad. Further drilling will be required to define the full extent of the accumulation and two additional wells are being added to the 2013 Thailand budget to appraise the L53-G2 oil discovery prior to the release of the drilling rig in June 2013.
The L53-A4ST1 well is currently on a 90 day production test at approximately 50 BOPD of 24 degree API oil with a water cut of approximately 90%. Pan Orient plans to apply for a single contiguous production license over the L53-A4ST1 and L53-G2 structures in May and convert the L53-A4ST1 well to a water disposal well once oil production from the L53-A4ST1 well has depleted and the production license has been approved in the approximately September to October 2013 time frame.
The L53-F exploration well located eight kilometers west of the L53-G well pad was unsuccessful. The drilling rig will now move to drill the L53-DC3 well to appraise the structurally highest fault compartment in the L53-D East field which has yet to be penetrated over the majority of the main target sands.
Oil production is currently 1,350 BOPD, with approximately 400 BOPD being produced at L53-G2 and L53-A4ST1 under 90 day production tests. Oil production averaged 819 BOPD in the first quarter of 2013 and continued to be impacted by downtime associated with workovers. Future additions are anticipated from any success with the two L53-G2 appraisal wells and the L53-DC3 appraisal well. Any success from the L53-DC3 well may also result in additional wells prior to releasing the drilling rig.
An updated April 2013 corporate presentation is available today on the company's website at www.panorient.ca.
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.
Pan Orient Energy Corp.
President and CEO (located in Bangkok, Thailand)
Pan Orient Energy Corp.
Vice President Finance and CFO
Most Popular Stories
- Diplomatic, Financial Fix Sought for Ukraine Crisis
- 2 Million Long-term Jobless Have No Benefits
- Las Vegas Casino Wants 'Blackout Drunk' Gambler to Pony up $500,000
- Florida Insurers Reach Out to Hispanics
- Disney Lays Off 700 From Interactive Unit
- Stocks Get Green Light on Weekly Jobless Claims
- Staples Closing Stores, Moving Online
- Last Call for Hispanic Health Care Signups
- Costco Revenue Up, Profits Down in Q2
- Hillary Clinton Smacks Putin Again