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TICKERS: POE

Oil & Gas Firm Provides Update on Exploration Well
News Update

Source:

Drill testing leads to decision to abandon the well.

Pan Orient Energy Corp. (POE:TSX.V) provided in a news release the results of drilling its Anggun-1X exploration well in Indonesia, which began on Nov. 14, 2019.

Anggun-1X penetrated the main Gumai sandstone and the Batu Raja limestone reservoir targets and subsequently reached a total depth of 1,232.7 meters within basement.

However, "despite oil shows and some oil staining within a number of Gumai formation sandstones, wireline sampling indicated minor amounts of oil and gas with predominantly water," the release explained. "The Batu Raja formation target interval proved to be a tight, low permeability limestone with no reservoir potential."

As a result, Anggun-1X will be plugged and abandoned. Also, Pan Orient stated it will exit the East Jabung production sharing contract (PSC) related to the well when the contract year expires in January 2020. Pan Orient currently owns 49% of the PSC.

Pan Orient stated it will concentrate on compiling the year-end 2019 Thailand reserves report, advancing the January 2020 multi-well exploration and appraisal drilling program in Thailand and figuring out how to best maximize the value of its Sawn Lake asset in Canada.

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