Oil & Gas Company Reveals 2019 Drill Plans for Southeast Asia Projects

Source: Streetwise Reports   02/14/2019

The first of the three scheduled programs launched on Feb. 11, 2019.

Pan Orient Energy Corp. (POE:TSX.V) announced in a news release the 2019 schedule for drilling at its assets in Thailand and Indonesia.

These programs “will be evaluating the largest prospective resource base that the company has ever targeted in any given year, and they will also be one of the most balanced from an overall risk perspective,” President and CEO Jeff Chisholm said in the release.

Now underway is a drill program consisting of two appraisal wells in the L53-DD oil field in Thailand. The first well, L53-DD4, which was spud on Feb. 11, 2019, is targeting an undrilled fault compartment located to the north of the field’s Proven and Probable reserve area.

In mid- to late Q2/19, drilling of the Anggun-1X exploration well in Indonesia will commence. Construction of the access road is a bit behind schedule due to rain. Rather than being 43% complete, which was estimated for this time, it is about 36% finished. Construction is expected to wrap up in April, with the start of drilling following in May to June 2019.

Subsequently, in late Q3/19 to early Q4/19, a three- to four-well exploration drill program in Thailand will start. Three of the targeted prospects are “close in” to the L53-DD oil discovery, the release noted.

The company will fund these drill programs with revenue from its Thailand production and its treasury that totaled CA$39.6 million as of Sept. 30, 2018.

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Disclosure:
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.
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.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
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 interview or the decision to write an article until three business days after the publication of the interview or 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 Corp., a company mentioned in this article.

( Companies Mentioned: POE:TSX.V, )