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News Update


Oil & Gas Firm Reports Q3 Operational, Financial Results
News Update

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Pan Orient Energy and its joint venture partner continue producing and selling oil from its L53 Concession in Thailand, which are funding ongoing exploration work there.

Pan Orient Energy Corp. (POE:TSX.V) recapped in a news release its Q3/20 operational and financial results.

Most recently, in Thailand, drilling of the L53-DD9 appraisal well was done, which encountered a total of about 29 meters of net oil pay in the four primary producing sands, AA, BB, CC and DD. Testing of L53-DD9 should start in the next 10 days.

The company noted that the "L53-AA2 exploration well represents a potential new pool discovery, outside the recently approved L53 South AA Production Area." The well was put on production in Q3/20 and yielded 45 barrels of oil per day (45 boe/d) net to Pan Orient in September. Now it is producing 29 boe/d. "Production performance of the L53-AA2 well will be monitored over the remaining period of the 90 day production test. A final decision will be made at the end of the 90 day period whether to proceed, or not, with a Production Area application for the L53-AA2 structure," the release stated.

Pan Orient has been developing its L53-DD oil field reservoir model, incorporating into it the newly drilled well results, for a reservoir simulation study it expects to finish by year-end 2020.

Net sales of oil produced from the L53 Concession amounted to 1,575 boe/d in September. Adjusted funds flow from the Thailand operations in Q3/20 was CA$3.5 million. At quarter's end share of working capital and long-term deposits was CA$3.5 million. Thailand cash flow is expected to fund further exploration and development at L53.

At the corporate level, Pan Orient's Q3/20 adjusted cash flow from all of its operations, including the Thailand joint venture, was CA$2.4 million. During the quarter, Pan Orient repurchased 98,000 shares in Q3/20 at an average price of CA$0.61 apiece. At Sept. 30, 2020, the company had CA$29.9 million in combined working capital and deposits and no debt. Its Q3/20 loss was CA$1.1 million, or CA$0.02 per share.

Looking forward, "the focus for the remainder of 2020 will be on development-related activities in Thailand, growing our cash balance by maximizing funds generated from operations and achieving full recognition of L53-DD field oil reserves in the year-end 2020 independent third party reserves report," President and CEO Jeff Chisholm said in the release.


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