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Pan Orient Energy (V.POE) provides operational update

Stockhouse Editorial
0 Comments| December 18, 2013


Pan Orient Energy Corp. (TSX: V.POE, Stock Forum) provided an update on operations in Thailand, Indonesia and Canada.

According to the Pan Orient Energy press release, the two workovers just completed in Thailand Concession L53 have been highly successful, adding a combined 230 barrels of oil per day.

Two additional workovers remain between now and year-end and full production capacity is expected to commence in late January 2014 after the L53-G environmental impact assessment is approved and the three currently shut-in L53-G wells are turned back on.

The 2014 budget and work program will be strongly influenced by the results of the Indonesian farm-out activities currently underway. It is possible that up to seven exploration wells will be drilled in Indonesia in 2014, subject to farm-out success and a number of operational / regulatory requirements.

In Thailand, it is anticipated that at least three wells will be drilled in 2014 starting with the L53 "A" Central exploration well in February.

Any exploration success in Thailand would significantly impact the number of wells drilled in Concession L53 and success in the farm-out of the Indonesian assets would result in a more aggressive bias to the number of planned development / appraisal wells.

The company anticipates to be in a position to provide greater clarity of the 2014 capital program in late February 2014. 
Pan Orient is a Calgary, Alberta based oil and gas exploration and production company.

On Wednesday, Pan Orient was up 5.9% and was trading at $1.80 a share.

Tags: OIL & GAS E&P ENERGY

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