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News Update

TICKERS: POE

Oil & Gas Firm Cites 'Excellent' Production Performance So Far at Thailand Concession
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Pan Orient Energy reports an update on the drilling and production of various wells there.

Pan Orient Energy Corp. (POE:TSX.V) announced in a news release that "overall, production performance from the L53-DD field has been excellent to date with the reasonable expectation for this to continue."

L53 is the Thailand concession in which Pan Orient Energy, one of the joint venture partner owners, has a 50.01% stake.

Average daily sales of oil are already significantly higher in the first four days of production this month than that of the entire last month, August 2020, the company reported. On a gross 100% basis, oil sales since bringing L53-AA2, L53-DD7 and L53-DD8 wells online in September averaged 3,532 barrels of oil per day (3,532 boe/d). Last month, daily oil sales averaged 1,761 boe/d, Pan Orient indicated.

Regarding each well specifically, L53-AA2, which is undergoing a 90-day test, has produced at an average of 100 boe/d of 25.5 degree API oil from the AA sand since cleanup 12 days ago. Now, the exploration well is producing at 84 boe/d with an 85% water cut. At the end of the test period, the decision will be made whether or not to pursue a production area application for L53-AA2.

Development well L53-DD7 is producing at 813 boe/d with a 0.2% water cut and is slated to continue producing long term. For the past 10 days since cleanup, it produced at an average of 805 boe/d of 23.6 degree API oil from the BB sand with a 1.4% water cut.

The L53-DD8 development well, which also will continue on long-term production, is now producing at 873 boe/d with a 0.2% water cut. Since cleanup five days ago, it produced at an average of 820 boe/d of 23.2 degree API oil with a 1% water cut.

As for exploration well L53-BB1ST1, it showed little oil and, therefore, will be abandoned.

With respect to the remainder of the 2020 capital program for the L53 concession, it will encompass one firm water disposal well at the L53-DD oilfield and, potentially, depending on oil prices, two exploration wells.

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Disclosure:
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. Click here for important disclosures about sponsor fees.
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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 decision to publish an article until three business days after the publication of the 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, a company mentioned in this article.




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