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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.