Get the Latest Investment Ideas Delivered Straight to Your Inbox.

News Update


Oil & Gas Explorer-Producer Maintains 'Strong Financial Position'
News Update


The Canadian company states it is well positioned financially for future activities.

Pan Orient Energy Corp. (POE:TSX.V) reported in a news release its Q3/19 financial results.

Adjusted funds flow from the company's operations in Q3/19 totaled $6.4 million, or $0.12 per share, driven by "strong Thailand oil production and netbacks." This took year-to-date revenue through Sept. 30, 2019, to $13.7 million, or $0.25 per share.

As of Sept. 30, 2019, Pan Orient had $32.5 million in working capital and noncurrent deposits and no long-term debt. The company states this positions it well financially for exploration work in the East Jabung Production Sharing Contract in Indonesia and possible development activities in Canada.

Pan Orient's Thailand joint venture also is strong financially with working capital and long-term deposits of $9.4 million and an equipment inventory of $2.8 million, net to the company's 50.01% equity interest.

"The third quarter of 2019 saw the third new pool/field oil discovery in the L53-DD oil field region onshore Thailand and substantial progress towards the drilling of the Anggun-1X exploration well in Indonesia. We are pleased to announce drilling of the Anggun-1X exploration well in Indonesia commenced November 14th and the well is expected to reach total depth in an estimated 20 to 30 days. The fourth quarter will see preparations for an expanded Thailand exploration and appraisal drilling program that will commence in early January 2020," stated Pan Orient President and CEO Jeff Chisholm.

In the near term, the release noted, "The results of the Anggun-1X well in Indonesia, results of the ongoing Thailand drilling program and the new independent evaluation reports on reserves and resources will be important in defining the go forward opportunities and strategies for Pan Orient."


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 Corp. 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 Energy Corp, 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