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Canadian Oil and Gas Firm Meets New Success in Exploration of Thai Well
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This is the thickest net oil pay encountered in the concession's appraisal wells.

Pan Orient Energy Corp. (POE:TSX.V) encountered five separate sandstone reservoirs with a combined oil net pay of approximately 38.5 meters in one of its Thailand Onshore Concession L53 appraisal wells, the company announced in a March 18 news release.

Pan Orient owns 50.01% of the Thailand Onshore Concession L53.

The sandstone reservoirs with oil net pay were found in the Thailand Onshore Concession L53's DD3 appraisal well. Pan Orient has previously encountered oil shows in another three of the concession's appraisal wells.

An appraisal well is a well that is drilled to understand the potential of a hydrocarbon reservoir before commercial production can start.

Pan Orient specifically explained that its Thailand Onshore Concession L53-DD3 well "encountered an interpreted combined approximately 38.5 meters of true vertical thickness net oil pay within five separate sandstone reservoirs between a true vertical depth of 927.4 to 1,127.9 meters."

The result was achieved after the L53-DD3 well "was drilled to a measured depth of 1,380 meters" "from the same well pad as the previous three L53-DD wells, to a bottom hole location approximately 600 meters southwest of the surface location."

The Calgary, Alberta-based company further explained that the L53-DD3 well's net oil pay interpretation was based on "conventional open hole wire line logs, hydrocarbon indications observed while drilling, pressure data and correlation with the offsetting L53-DD2 well."

The L53-DD3 well's exploration was planned "as a twin of the previously drilled L53-DD2 well." However, the results "have far exceeded the original pre-drill expectations with a net oil pay thicker than that encountered at L53-DD2," the company stated.

Moreover, the company noted that the net oil pay found in the L53-DD3 well "is the thickest net oil pay encountered in any of the L53-DD fields to date."

The company submitted to the government of Thailand a 90-day production test for the L53-DD3 well. Pan Orient acknowledged that it is still waiting the approval for this test as well as for a previously submitted 90-day production test for its L53-DD4 well.

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Disclosure:
1) Mario Santana compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his 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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