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CALGARY, Alberta, June06, 2019(GLOBE NEWSWIRE) --
Onshore Concession L53 (Pan Orient Energy (Siam) Ltd., in which Pan Orient has 50.01% ownership)
Pan Orient Energy Corp. ('Pan Orient') (POE – TSXV) is pleased to announce that Concession L53 oil sales averaged 2,631 barrels of oil per day ('BOPD') in May 2019, marking the highest average monthly oil sales ever achieved in Concession L53.
Oil sales averaged 704 BOPD in April 2019 and 3,259 BOPD during the first four days of June 2019.
Realized oil prices (non-volume weighted) during the first five months of 2019 averaged US$62.17 per barrel, representing a 6.3% discount to the Brent crude oil reference price and a 7.5% premium to West Texas Intermediate crude oil reference price.
L53-DD3 Well Testing
On May 17th the L53-DD3 well was perforated 4.7 meters in the BB sand and production from the commingled DD/EE and BB sands commenced on May 18th. From May 19th, when the well "cleaned up", to May 23rd when it was shut-in, production from the commingled DD/EE and BB sands averaged 800 BOPD of 23 degree API oil with a BS & W of 14%. On May 24th five meters of the CC sand were perforated and a temporary bridge plug was placed above the DD/EE sand, isolating the DD/EE sand which will be produced from this well at a later date. Production from the commingled BB/CC sand has averaged 1,054 BOPD of 23.2 degree API oil with a BS & W of 8% since the well stabilized on May 30th, to June 5th. Test results are not necessarily indicative of long-term performance or of ultimate recovery. Future decline rates and recovery factors will be determined to a large extent by whether or not aquifer support is present, and to what degree, in each of the producing zones.
Concession L53 2019 Drilling
Preparations continue towards a one to two well exploration program in the near vicinity of the L53-DD oil field from the existing L53-DD well pad. One exploration well and one appraisal well will also be drilled from the existing L53-B well pad. Drilling is anticipated to commence in August 2019.
A second three to four exploration well drilling campaign, focused in the region of the L53-DD oil discovery, is expected to commence in late 2019 to early 2020.
East Jabung PSC (Pan Orient 49% & Non Operator)
On June 3rd an important milestone was reached when the Anggun-1X access road base fill and geo-textile was completed to the well pad. Construction operations will recommence on June 8th after a 4 day shut down for the Eid Al Fitri Indonesia national holiday. An additional ten dump trucks and a second shift will commence on June 10th to "surface" the access road and complete the well pad. An August 2019 commencement of drilling is anticipated, subject to possible weather related and operational delays.
Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations currently located onshore Thailand, Indonesia and in Western Canada.
This press 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 press release includes references, express or implied, to drilling plans in Indonesia and Thailand. By its very nature, the forward-looking information contained in this press release requires Pan Orient and its management to make assumptions that may not materialize or that may not be accurate. In addition, the forward-looking information is subject to known and unknown risks and uncertainties and other factors, some of which are beyond the control of Pan Orient, which could cause actual results, expectations, achievements or performance to differ materially. Although Pan Orient believes that the expectations reflected in its forward-looking information are reasonable, it can give no assurances that those expectations will prove to be correct. Pan Orient undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Pan Orient Energy Corp.
Jeff Chisholm, President and CEO (located in Bangkok, Thailand)
- or -
Bill Ostlund, Vice President Finance and CFO
Telephone: (403) 294-1770