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TICKERS: POE

Appraisal Well Hits Net Oil Pay at Energy Company's Thailand Project
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This Canadian oil & gas firm plans to test this very well as soon as possible.

Pan Orient Energy Corp. (POE:TSX.V) announced in a news release that its L53-DD4 appraisal well confirmed extension of the L53DD oilfield in Thailand. (Pan Orient has a 50.01% ownership in the L53 concession.)

L53-DD4 reached a true vertical depth of 1,400 meters (1,400m), roughly 1,140m northwest of the DD well pad's surface location.

The L53-DD4 well hit an interpreted 15.6m of net oil pay in the AA2 and BB/CC sandstones between 1,010m and 1,103m of true vertical depth. This determination was based on open-hole wire line logs, hydrocarbon signs seen during drilling and pressure data from all of the zones after drilling.

The high-quality oil pay the L53-DD4 well encountered in the deeper AA2 sand resulted in "a new oil pool discovery," the release noted.

As for the BB/CC sandstones, L53-DD4 encountered the top of them to the northwest of where the L53-DD1 and L53-DD2 holes hit them, 956m away from the former and 1,160m away from the latter. The CC sand L53-DD4 encountered was 7.5m higher than what L53-DD1 hit and was superior in reservoir quality and thickness.

Also, L53-DD4 penetrated a fault compartment next to and north of the main DD oilfield fault compartment previously drilled by L53-DD1 and L53-DD2. Consequently, Proven and Probable reserves from this fault compartment are expected at year-end 2019.

Aiming to start testing the L53-DD4 well as soon as possible, Pan Orient submitted a 90-day application to Thailand's government to do so.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Pan Orient Energy. Click here for important disclosures about sponsor fees.
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