News Update
Streetwise Reports (2/25/21) Pan Orient Energy reports the target of the first well, L53-DD10, is the AA sand in the L53-DD field.
Pan Orient Energy Corp. (POE:TSX.V) announced in a news release that the joint venture started drilling the L53-DD10 well at its Thailand concession, the first of a firm two well development drilling program. Pan Orient has a 50.01% interest in the joint venture.
The company noted that the target of L53-DD10 is the AA sand because a second well is needed to produce from there efficiently and economically. The single well producing there now is L53-DD7, which, last year, encountered the thickest and structurally highest AA sand of any previous well in the L53-DD field. It is expected that L53-DD10 will require about 14 days of drilling to reach total depth.
Pan Orient Energy Corp - Thailand Development Drilling Commences
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Pan Orient Energy Corp - Thailand Development Drilling Commences
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Energy Firm Reports 130% Rise in Oil Reserves for Thailand Property
News Update
Streetwise Reports (2/4/21) Pan Orient Energy announces the total proven oil reserves at the L53 Concession as of year-end 2020.
In a news release, Pan Orient Energy Corp. (POE:TSX.V) announced the results of an independent reserves evaluation for Concession L53/48 in onshore Thailand. The company has a 50.01% stake in the joint venture entity Pan Orient Energy (Siam) Ltd. that owns the concession. This year-end 2020 reserves report is an excellent result, Pan Orient Energy Corp. CEO Jeff Chisholm said in the release.
Alberta, Canada-based Sproule International Ltd. carried out the reserves evaluation and NI 51-101 compliant report. It indicated that total proved (1P) oil reserves at the L53 Concession as of Dec. 31, 2020, were 2,836,000 barrels (2.836 MMbbl). This reflects a 130% increase over the Dec. 31, 2019, amount of 1.235 MMbbl.
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CALGARY, AB, Feb. 1, 2021 /CNW/ - Pan Orient Energy Corp. ( Pan Orient or the Company ) (TSXV: POE), on behalf of Pan Orient Energy (Siam) Ltd. ( POS ), announced the results of its December 31, 2020 independent reserves evaluation for Thailand on-shore Concession L53/48 where POS is the operator and has a 100% working interest. Pan Orient has a 50.01% equity interest in POS, which is classified as a Joint Venture under International Financial Reporting Standards and accounted for using the equity method. Pan Orient s 50.01% equity interest in the assets, liabilities, working capital, operations and capital expenditures of POS are recorded in Investment in the Thailand Joint Venture and Pan Orient does not have any direct interest in, or control over, the crude oil reserves or operations of on-shore Concession L53/48.