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Diclosures for Research Capital Corp., Pan Orient Energy Corp., Oct. 28, 2021
RISKS: While this is not an exhaustive list, we view the following risks as being noteworthy to investors in POE.
EXPLORATION RISK| POE has an exploration drilling program underway in Thailand. A portion of our risked NAV estimate is attributed
to exploration drilling in Thailand.
COMMODITY PRICE RISK| POE is dependent on is cash reserves and cash flow generated from its Thailand oil production to fund its
operations. A large drop in the price of oil could result in reduced expenditures.
EXCHANGE RATE RISK| POE is an international company and is exposed to currency fluctuations including the Thai baht, the US dollar
and the Canadian dollar.
PRODUCTION AND RESERVE CONCENTRATION RISK| A large portion of POE’s reserves and production are from the L53-DD field.
Production issues related to reservoir performance could cause actual results to vary from our forecasts
POLITICAL RISK| POE is an international oil and natural gas exploration and production with primary activities in Thailand and as a
result is subject to political risks. The government extensively regulates the energy industry, with influence over exploration and production
activities, prices, taxes, royalties and export restrictions. New regulations or modifications to existing regulations could adversely impact the
company’s profitability.
RELEVANT DISCLOSURES APPLICABLE TO COMPANIES UNDER COVERAGE:
1. The analyst holds shares in Pan Orient Energy Corp.
2. Relevant disclosures required under IIROC Rule 3400 applicable to companies under coverage discussed in this research report
are available on our web site at www.researchcapital.ca
ANALYST CERTIFICATION: I, Bill Newman, certify the views expressed in this report were formed by my review of relevant company data and industry investigation,
and accurately reflect my opinion about the investment merits of the securities mentioned in the report. I also certify that my compensation
is not related to specific recommendations or views expressed in this report.
Research Capital Corporation publishes research and investment recommendations for the use of its clients. Information regarding our
categories of recommendations, quarterly summaries of the percentage of our recommendations which fall into each category and our
policies regarding the release of our research reports is available at www.mackieresearch.com or may be requested by contacting the
analyst.
Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and
opinions expressed in this research report accurately reflect the analyst’s personal views and (ii) no part of the research analyst’s
compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report
