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Firm's Latest Drilled Well Encounters Net Oil Pay
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Testing is to start on this Pan Orient Energy well in Thailand once approval is received.

In a February 27 news release, Pan Orient Energy Corp. (POE:TSX.V) provided an update on its L53-AA2 exploration well in Thailand. The Canadian company owns 50.01% of the L53 concession.

Drilling of L53-AA2 began on Feb. 12, 2020. According to the company, at a true vertical depth of 940994 meters (940994m), the well encountered, within the SH1 and AA sandstones, reservoirs that potentially held oil. Drilling was completed, and wireline logs, oil shows, pressure data and nearby analogs were obtained.

Interpretation of those indicated that L53-AA2 hit about 6 meters (6m) of probable high-quality net oil pay in the AA sandstone reservoir plus 5m of possible net oil pay in overlying SH1.

Subsequently, another exploration well, L53-AA1, was cased at a depth of 111m. Shortly, drilling of it will commence, from the same surface location from which L53-AA2 was drilled, the release stated.

Additionally, 90-day testing of L53-AA2 will start once approval is received from the country's Department of Mineral Fuels. Approval, expected in about 30 days, is required because the well lies outside of the production area covered by the existing license, the company noted.

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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.
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