CALGARY, AB, Feb. 23, 2021 /CNW/ - Pan Orient Energy Corp.
("Pan Orient" or the "Company") (TSXV: POE) is pleased to report
that the drilling of the L53-DD10 well, the first of a firm two
well development drilling program, has commenced.
THAILAND
Concession L53 Onshore (Pan Orient Energy (Siam) Ltd., in which
Pan Orient has 50.01% ownership)
The L53-DD10 development well is targeting the AA sand that was
encountered in the offsetting L53-DD7 well (drilled in 2020) which
was the thickest and structurally highest AA sand encountered by
any well in the L53-DD field. Given the strong production
performance of the deeper BB sand which is currently producing at
the L53-DD7 well, an additional well (L53-DD10) is required to
produce the AA sand in the most efficient and economically
advantageous manner. The well is anticipated to reach total depth
in approximately 14 days.
Upon the completion of drilling L53-DD10, one additional well
will be drilled targeting the deeper EE sand within the L53-DD
field at a location north of the L53-DD2 well, which is currently
the only EE sand producer in the L53-DD field.
Thailand Concession L53 oil sales averaged 3,306 BOPD in
December 2020 (1,653 BOPD net to Pan
Orient's 50.01% equity interest), 2,932 BOPD in January 2021 (1,466 BOPD net to Pan Orient's
50.01% equity interest) and 2,860 BOPD (1,430 BOPD net to Pan
Orient's 50.01% equity interest) in the first 21 days of
February 2021. A substantial
production increase is anticipated upon completion of the current
development drilling program.
The crude oil price received averaged US$47.57 per barrel in December 2020 and US$52.79 per barrel in January 2021. The
realized price in December 2020 and
January 2021 averaged approximately
96% of the Brent crude oil reference price.
Pan Orient is a Calgary,
Alberta based oil and gas exploration and production company
with operations located onshore Thailand and in Western Canada.
This news release contains forward-looking information.
Forward-looking information is generally identifiable by the
terminology used, such as "forecast", "expect", "believe",
"estimate", "should", "anticipate" and "potential" or other similar
wording. Forward-looking information in this news release
includes references, express or implied, to drilling plans and the
anticipated impact on production in Thailand. By their very
nature, the forward-looking statements contained in this news
release require Pan Orient and its management to make assumptions
that may not materialize or that may not be accurate. The
forward-looking information contained in this news release is
subject to known and unknown risks and uncertainties and other
factors, which could cause actual results, expectations,
achievements or performance to differ materially, including without
limitation: changes in project schedules, regulatory changes and
delays, operating and reservoir performance, the results of
exploration and development drilling and related activities,
supply, demand and resulting prices for oil and gas, the impact of
the COVID-19 coronavirus, other technical and economic factors or
revisions and other factors, many of which are beyond the control
of Pan Orient. Although Pan Orient believes that the
expectations reflected in its forward-looking statements are
reasonable, it can give no assurances that the expectations of any
forward-looking statements will prove to be correct.
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.
SOURCE Pan Orient Energy Corp.