Pan Orient Energy Corp. (POE:TSX.V) announced in a news release the 2019 schedule for drilling at its assets in Thailand and Indonesia.
These programs "will be evaluating the largest prospective resource base that the company has ever targeted in any given year, and they will also be one of the most balanced from an overall risk perspective," President and CEO Jeff Chisholm said in the release.
Now underway is a drill program consisting of two appraisal wells in the L53-DD oil field in Thailand. The first well, L53-DD4, which was spud on Feb. 11, 2019, is targeting an undrilled fault compartment located to the north of the field's Proven and Probable reserve area.
In mid- to late Q2/19, drilling of the Anggun-1X exploration well in Indonesia will commence. Construction of the access road is a bit behind schedule due to rain. Rather than being 43% complete, which was estimated for this time, it is about 36% finished. Construction is expected to wrap up in April, with the start of drilling following in May to June 2019.
Subsequently, in late Q3/19 to early Q4/19, a three- to four-well exploration drill program in Thailand will start. Three of the targeted prospects are "close in" to the L53-DD oil discovery, the release noted.
The company will fund these drill programs with revenue from its Thailand production and its treasury that totaled CA$39.6 million as of Sept. 30, 2018.
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