Pan Orient Energy Corp.

Pan Orient Energy Corp.

February 09, 2010 08:43 ET

Pan Orient Energy Corp.: Thailand Operations Update

CALGARY, ALBERTA--(Marketwire - Feb. 9, 2010) - Pan Orient Energy Corp. (TSX VENTURE:POE) -

Thailand L53 Concession

L53-DST1 Appraisal Well (100% WI and operator)

The L53-DST1 appraisal well was drilled to a subsurface location approximately 270 meters northwest of the L53-D exploration well targeting a sandstone reservoir that tested at a restricted rate of 228 barrels of 19 degree API crude oil and 74 barrels of water per day.

The main reservoir objective was encountered as expected but proved to be very low permeability in the upper portion upon production test and water bearing at the base.

There are currently no reserves booked for the L53-D structure. Results to date are far below pre-drill expectations with regard to oil bearing reservoir thickness and areal extent.

Thailand L44 Concession

NSE-G3 Exploration Well (60% WI and operator)

The NSE-G3 exploration well is currently suspended at the casing shoe just below the base of the main NSE central producing volcanic. The deeper volcanic objective in the well was penetrated approximately 175 meters (true vertical depth) deeper than originally anticipated due to a large fault not imaged by 3D seismic data over the prospect as a result of interference from the shallower volcanic objective.

Reinterpretation of the data integrating the well results suggests only a small portion of the original prospect closure is eliminated by this fault. Upon the completion development drilling program currently underway, the well will be re-entered and sidetracked in order to test this deep volcanic objective in an optimal position.


For the next three months Pan Orient plans to focus exclusively on development and appraisal drilling of the Bo Rang B, NSE-F1, NSE Central, Na Sanun and NSE South oilfields and workovers / recompletions of existing wells in the NSE Central field in order to increase oil production from these assets. Regular updates on these activities will be provided as results warrant.

An updated exploration prospect inventory for Concessions L44, L33 and L53 integrating all the well results to date is near completion and will form the basis for high grading locations for an active exploration drilling program that is planned to commence upon the completion of this current phase of development and appraisal drilling.

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 news 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 news release includes, but is not limited to, references to: well drilling programs and drilling plans, estimates of reserves and potentially recoverable resources, and information on future production and project start-ups. 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: imprecision of reserve estimates and estimates of recoverable quantities of oil, changes in project schedules, operating and reservoir performance, the effects of weather and climate change, the results of exploration and development drilling and related activities, demand for oil and gas, commercial negotiations, 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.

Contact Information

  • Pan Orient Energy Corp.
    Jeff Chisholm
    President and CEO
    (403) 294-1770
    Pan Orient Energy Corp.
    Bill Ostlund
    Vice President Finance and CFO
    (403) 294-1770