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Joint Venture Starts Two-Well Drill Program at Thailand Concession
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Pan Orient Energy reports the target of the first well, L53-DD10, is the AA sand in the L53-DD field.

Pan Orient Energy Corp. (POE:TSX.V) announced in a news release that the joint venture started drilling the L53-DD10 well at its Thailand concession, the "first of a firm two well development drilling program." Pan Orient has a 50.01% interest in the joint venture.

The company noted that the target of L53-DD10 is the AA sand because a second well is needed to produce from there efficiently and economically. The single well producing there now is L53-DD7, which, last year, encountered the thickest and structurally highest AA sand of any previous well in the L53-DD field. It is expected that L53-DD10 will require about 14 days of drilling to reach total depth.

After L53-DD10 drilling is completed, the operator will drill another well in the L53-DD field, that one targeting the deeper EE sand. It will place the well to the north of the only EE sand producer, the L53-DD2 well.

Pan Orient also reported that sales of oil produced from the Thailand L53 Concession averaged 3,306 barrels per day (3,306 bbl/d) in December 2020 (1,653 bbl/d net to Pan Orient's 50.01% equity interest). The received price averaged $47.57 per barrel.

Oil sales dropped to 2,932 bbl/d in January 2021 (1,466 bbl/d net to Pan Orient), but the received price increased to $52.79 per barrel.

Over the first 21 days of February, oil sales averaged 2,860 bbl/d (1,430 bbl/d net to Pan Orient).

"A substantial production increase is anticipated upon completion of the current development drilling program," the release noted.


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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