Get the Latest Investment Ideas Delivered Straight to Your Inbox.

News Update

TICKERS: POE

Another Exploration Well in Thailand Hits Net Oil Pay
News Update

Source:

Two joint venture projects, this one and another in Indonesia, continue moving forward.

Pan Orient Energy Corp. (POE:TSX.V) announced in a news release it achieved success with its L53-DD5ST1 exploration well in Thailand.

The well hit about 15 meters (15m) of net oil pay, consisting of 12m within the CC sand and 3m within the deeper EE sand. It encountered the CC sandstone reservoir at a true vertical depth of 1,057m. This was about 737m southwest of the L53-DD well pad "and within a distinctly separate structural closure relative to the L53-DD oil field that was discovered in late 2018," the release noted.

A 90-day production test application for the CC sand has been submitted to the Thailand government for approval. Testing will likely start right after the drilling rig has been demobilized, which will follow completion of drilling the L53-DD6 exploration well. That work is now in progress and expected to be done in about 14 days.

Before the drilling of L53-DD5ST1, drilling of the L53-DD5 exploration well took place. It encountered 3m of net oil pay in the main target CC sand in the L53-DD5 prospect.

As for Pan Orient's joint project in Indonesia, the Anggun-1X well pad and road are now built. Base camp mobilization started on Aug. 25 and drill rig mobilization began Sept. 14. Drilling at Anggun-1X is slated to commence in about 30 to 40 days.

[NLINSERT]

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. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this interview, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Pan Orient, a company mentioned in this article.




Want to read more about Oil & Gas - Exploration & Production investment ideas?
Get Our Streetwise Reports Newsletter Free and be the first to know!

A valid email address is required to subscribe