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TICKERS: POE

Oil & Gas Firm Reports Strong Q2/19 Financial Results
News Update

Source:

Increased production in Thailand drove the quarter-over-quarter revenue boost.

Pan Orient Energy Corp. (POE:TSX.V) reported in a news release its unaudited numbers for H1/19, ended June 30, 2019.

Total corporate adjusted funds flow from operations was CA$7.3 million, or CA$0.13 per share. Of that total, CA$5.7 million were from Q2/19, the remaining CA$1.6 million from Q1/19.

Net income from common shareholders in H1/19 was CA$0.4 million, or CA$0.01 per share, with CA$1.3 million, or CA$0.02 per share, in Q2/19 alone.

Also in H1/19, Pan Orient repurchased 63,400 common shares at an average price of CA$1.92 per share.

At the end of H1/19, the oil and gas company had no long-term debt and CA$28.9 million in working capital and noncurrent deposits. Pan Orient's 50.01% equity interest in the Thailand joint venture includes CA$11.4 million working capital and long-term deposits along with CA$2.9 million of equipment inventory for future Thailand joint venture operations.

"The strong Q2/19 financial results reflected the substantial production increase from Thailand. Before the end of August we’ll see the commencement of drilling in Thailand with the L53-DD5 exploration well that will be testing a 3D seismically defined structural closure due west of the recent L53-DD oil discovery. A second Thailand exploration program is planned to commence in late October 2019. Of particular note, we also expect to commence drilling of the much anticipated potentially high impact Anggun-1X exploration well in October 2019. Despite a long series of permit, weather and operational related delays, substantial road and well pad construction progress has been made with the weather finally cooperating these past three weeks," Pan Orient President and CEO Jeff Chisholm said in the release.

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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.
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