Onshore Concession L53 (Pan Orient Energy (Siam) Ltd., in which Pan Orient has 50.01% ownership)
L53-DD6ST1 Exploration Well
Pan Orient Energy Corp. (“Pan Orient” or the “Company”) (POE – TSXV) is pleased to announce that the L53-DD6ST1 exploration well encountered approximately five meters of interpreted net oil pay within the CC sandstone. This interpretation is based on open hole wire line logs, oil and gas shows observed while drilling, pressure data and analog to the offsetting L53-DD oilfield wells. The CC sandstone reservoir was encountered at a true vertical depth of 1,031 meters, approximately 529 meters northwest of the earlier announced L53-DD5ST1 ("AA South" prospect) oil discovery and 1,035 meters due west of the L53-DD oilfield well pad. The interpreted net oil pay is within a distinctly separate structural closure relative to all wells drilled to date and is located at the extreme down dip eastern limit of the "AA" prospect (as defined in the Company's July 4, 2019 corporate presentation). This was the only portion of the prospect that could be confidently reached from the L53-DD oilfield surface drill pad. Further drilling at the AA prospect is anticipated as part of the mid-late 2019 Thailand multi-well exploration drilling program, at a surface location from which the structural crest of the AA prospect can be reached, in addition to another prospect ("AA North") located to the northwest.
The L53-DD6ST1 exploration well was preceded by the L53-DD6 exploration well which was unsuccessful, targeting various sandstones within the L53-DD6 ("AA east") prospect.
A 90 day production test application for the CC sand has been submitted to the Government of Thailand for approval. It is anticipated that testing of both L53-DD6ST1 ("AA” prospect) and L53-DD5ST1 ("AA South” prospect) will commence shortly after the drilling rig has moved to commence drilling of the L53-B1 appraisal well.
INDONESIA
East Jabung PSC (Pan Orient 49% & Non Operator)
Drilling of the Anggun-1X exploration well at the East Jabung Production Sharing Contract (“PSC”) is anticipated to commence prior to the end of October and an announcement will be made when this takes place.
Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations currently located onshore Thailand, Indonesia and in Western Canada. This press release contains forward-looking information. Forward-looking information is generally identifiable by the terminology used, such as "expect", "believe", "estimate", "should", "anticipate" and "potential" or other similar wording. Forward-looking information in this press release includes references, express or implied, to drilling plans in Indonesia and Thailand and regulatory approvals. By its very nature, the forward-looking information contained in this press release requires Pan Orient and its management to make assumptions that may not materialize or that may not be accurate. In addition, the forward-looking information is subject to known and unknown risks and uncertainties and other factors, some of which are beyond the control of Pan Orient, which could cause actual results, expectations, achievements or performance to differ materially. Although Pan Orient believes that the expectations reflected in its forward-looking information are reasonable, it can give no assurances that those expectations will prove to be correct. Pan Orient undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Pan Orient Energy Corp. Jeff Chisholm, President and CEO (located in Bangkok, Thailand) Email: jeff@panorient.ca
- or -
Bill Ostlund, Vice President Finance and CFO Telephone: (403) 294-1770
Source: GlobeNewswire
(October 8, 2019 - 8:30 AM EDT)
