Get the Latest Investment Ideas Delivered Straight to Your Inbox. Subscribe


Canadian Energy Company Makes 'New Oil Discovery in Thailand'
Research Report

Share on Stocktwits


The drill results and next steps are reviewed in a Mackie Research Capital Corp. report.

In a Sept. 17 research note, Mackie Research Capital Corp. analyst Bill Newman reported that Pan Orient Energy Corp. (POE:TSX.V) drilled a new oil discovery in Thailand, and testing is expected to begin soon. Drilling also is to commence shortly, in 3040 days, at Pan Orient's Anggun-1X well in Indonesia now that the requisite construction is done.

Newman reviewed the results from the exploration well in Thailand that hit oil, L53-DD5ST1. It encountered about 15 meters (15m) of net oil pay within two separate sands, CC where it had net oil pay of 12m, and the deeper EE, where it had 3m. The new discovery is about 737m to the southwest of Pan Orient's L53-DD oilfield.

Drilling at L53-DD5 will start once drilling, currently underway, at L53-DD6 finishes, which should be in about 14 days. "If testing proves that the DD5 discovery is commercial, it should provide an immediate production boost and set up low risk development opportunities for 2020," commented Newman.

He added that Pan Orient has additional exploration wells to be drilled in Thailand before year-end, which also could help build momentum into next year.

As for the upcoming drilling of the Anggun-1X well, that process is expected to take about 31 days. "In the event the well is successful, Pan Orient plans to drill a follow-up appraisal well in 2020," Newman noted.

The analyst reiterated the Buy recommendation and $3.25 per share target price that Mackie has on Pan Orient, which are due to its "strong financial position, growing production base in Thailand and high-impact exploration potential of the Anggun-1X exploration well in Indonesia."


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.
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 article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Pan Orient Energy Corp., a company mentioned in this article.

Disclosures from Mackie Research, Pan Orient Energy Corp., Update, September 17, 2019

Relevant disclosures required under Rule 3400 applicable to companies under coverage discussed in this research report are available on our web site at

Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst's personal views and (ii) no part of the research analyst's compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.

Mackie Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned herein.

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