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."
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