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News Update


Oil Sales from JV Thailand Concession Again Set Record In July
News Update

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One of the partners provided an update on that project and another one in Indonesia.

Pan Orient Energy Corp. (POE:TSX.V) reported in a news release that oil sales from its L53 Concession in Thailand continued their months-long upward trend, hitting another record in July.

In that month, 3,094 barrels of oil per day were sold, generating $6 million, a 14% increase over that earned in June. Half of the total, or $3 million, went to Pan Orient, which owns 50.01% of the project.

Also regarding L53, rig mobilization to the site will start Aug. 15 for the subsequent drilling of three wells, two exploration and one appraisal, there. That drilling is expected to begin on or around Aug. 27.

In other news, in Indonesia, the commencement of drilling the Anggun 1X exploration well will be delayed by about one month due to the need for extra piles to support the rig substructure and mud tanks. Now, rig mobilization to Anggun 1X is slated for early September with drilling to follow 30 to 40 days later.


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.
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