The L53-G3ST1 well, the second appraisal well to the L53-G2 oil discovery, was drilled to a measured depth of 1,500 meters (1,250 meters true vertical depth) with a subsurface target approximately 350 meters south of the L53-G2 oil discovery and encountered approximately three meters of net oil pay within the upper portion of the "K40-D" sand target at a true vertical depth of 1,111 meters.
Thailand oil production has averaged 819 in the first quarter of 2013 and 939 BOPD for April and May 2013. Thailand production on June 15 was 1,115 BOPD On June 16 the L53-DC2 well sanded off shutting in approximately 175 BOPD which is expected to be back on production within the next 7 days.
A workover at the L53-DC well successfully isolated a shallow HO sand interval with cement but the oil produced was too viscous for the electrical submersible pump. A progressive cavity pump is expected to rectify the situation when it arrives in early July. An additional workover at the L53-DST3 well is expected to be completed in the next two weeks.
Indonesia - Citarum PSC L53 (Pan Orient Operator and 97% Working Interest)
Cataka-1A Exploration Well
The Cataka-1A well is targeting the Parigi formation at a depth of approximately 2,300 meters. The Cataka-1A exploration well is currently drilling out cement at the last pre re-entry casing shoe at 550 meters. The drilling rig has been on location since late May, but was not accepted until early June due to a number of equipment modifications that were required prior to the commencement of drilling operations. Approximately the last seven days have been spent cementing off a washout zone just below the casing shoe from which drilling operations recommenced. It is expected that the well will be drilling ahead immediately after the cement retainer is drilled out within the next day.
An updated corporate presentation will be found on the Pan Orient website (www.panorient.ca) at approximately 1:00 PM Mountain Standard Time on June 17, 2013.
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
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