Canadian Energy Company Makes 'New Oil Discovery in Thailand'

Source: Streetwise Reports   09/27/2019

The drill results and next steps are reviewed in a Mackie Research Capital Corp. report.

In a Sept. 17 research note, Mackie Research Capital Corp. analyst Bill Newman reported that Pan Orient Energy Corp. (POE:TSX.V) drilled a new oil discovery in Thailand, and testing is expected to begin soon. Drilling also is to commence shortly, in 30–40 days, at Pan Orient’s Anggun-1X well in Indonesia now that the requisite construction is done.

Newman reviewed the results from the exploration well in Thailand that hit oil, L53-DD5ST1. It encountered about 15 meters (15m) of net oil pay within two separate sands, CC where it had net oil pay of 12m, and the deeper EE, where it had 3m. The new discovery is about 737m to the southwest of Pan Orient’s L53-DD oilfield.

Drilling at L53-DD5 will start once drilling, currently underway, at L53-DD6 finishes, which should be in about 14 days. “If testing proves that the DD5 discovery is commercial, it should provide an immediate production boost and set up low risk development opportunities for 2020,” commented Newman.

He added that Pan Orient has additional exploration wells to be drilled in Thailand before year-end, which also could help build momentum into next year.

As for the upcoming drilling of the Anggun-1X well, that process is expected to take about 31 days. “In the event the well is successful, Pan Orient plans to drill a follow-up appraisal well in 2020,” Newman noted.

The analyst reiterated the Buy recommendation and $3.25 per share target price that Mackie has on Pan Orient, which are due to its “strong financial position, growing production base in Thailand and high-impact exploration potential of the Anggun-1X exploration well in Indonesia.”

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Disclosures from Mackie Research, Pan Orient Energy Corp., Update, September 17, 2018

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( Companies Mentioned: POE:TSX.V, )