In a news release, Calgary-based Pan Orient Energy Corp. (POE:TSX.V) provided an update on its operations in Thailand. The firm explained that it holds a 50.01% equity ownership interest in what is known as Thailand Concession L53.
Pan Orient Energy noted that as it previously announced in mid-November, "its L53-DD9 appraisal well encountered approximately 29 meters of combined net oil pay in the four main producing sands (AA, BB, CC and DD)." The company highlighted that the CC sand was encountered at a depth that was 5 meters higher than any previous well and resulted in an estimated 18.4 meters of net oil pay. The firm advised that on November 20, 2020, this same well was put into production using an electrical submersible pump that penetrated through 12.9 meters of perforations in the CC sand.
Pan Orient stated that the L53-DD9 well has averaged 980 bbl/day and that its prorated share of production is equal to 490 bbl/d. The company noted that since production commenced the well has produced a total of 8,820 bbl with 4,411 bbl net to Pan Orient's equity interest.
The company pointed out that the L53-DD4 well was shut down since October 10, 2020, due to water handling constraints. The firm stated that up until that time the well had been producing 21 bbl/d and with a water cut of 98.5% in the five day period prior to shut-in and workover. The company advised that this well was put back on production on November 23, 2020, and has averaged 351 bbl/d with a water cut of 63% since November 26.
Pan Orient additionally stated that before the end of December, it expects to complete both a workover of the L53-B1 well and conversion of the L53-DD8 well to a water disposal well. The company commented that it is not planning any further drilling until the middle or end of Q1/21 when two appraisal wells are planned for the L53-DD field to optimize reservoir drainage.
The firm noted that Thailand Concession L53 oil sales averaged about 2,800 bbl/d in November 2020 and that on November 29, oil production rose to 3,608 bbl/d and reiterated that it has a 50.1% attributed ownership interested in the production under the concession.
The company reported that the operations in Thailand of Pan Orient Energy (Siam) Ltd. continue to be somewhat affected by the worldwide coronavirus pandemic. The Thai government's domestic travel restrictions have now eased up, but a ban on most foreign travelers from entering the country remains in effect. The company said it implemented prudent measures at its sites and operations and therefore was able to successfully complete its 2020 Thailand drilling program.
Read what other experts are saying about:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his 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 Energy. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
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 Energy, a company mentioned in this article.