Pan Orient Energy Corp.: Thailand L53-G2 Oil Discovery
CALGARY, ALBERTA -- (Marketwired) -- 04/25/13 --
Concession L53 Onshore Thailand (Pan Orient Operator and 100% Working
Pan Orient Energy Corp. ("Pan Orient" or the "Corporation") (TSX
VENTURE:POE) is pleased to announce that the L53-G2 exploration well
is currently on a 90 day production test producing 24 degree API oil
at a rate of approximately 350 barrels of oil per day ("BOPD") with a
0.5% water cut from seven meters of perforations in eight meters
(true vertical thickness) of oil pay in the K40-D sand. It is planned
to continue producing the well at this restricted rate throughout the
duration of the test. The well encountered a combined total of 20
meters of net oil pay averaging 28% to 32% porosity in the K40-D, C,
B and A sands. The L53-G2 well was drilled to a total measured depth
1,650 meters (1,352 meters true vertical depth) from the L53-G well
pad approximately 3 kilometers south of the L53-A field well pad.
Further drilling will be required to define the full extent of the
accumulation and two additional wells are being added to the 2013
Thailand budget to appraise the L53-G2 oil discovery prior to the
release of the drilling rig in June 2013.
The L53-A4ST1 well is currently on a 90 day production test at
approximately 50 BOPD of 24 degree API oil with a water cut of
approximately 90%. Pan Orient plans to apply for a single contiguous
production license over the L53-A4ST1 and L53-G2 structures in May
and convert the L53-A4ST1 well to a water disposal well once oil
production from the L53-A4ST1 well has depleted and the production
license has been approved in the approximately September to October
2013 time frame.
The L53-F exploration well located eight kilometers west of the L53-G
well pad was unsuccessful. The drilling rig will now move to drill
the L53-DC3 well to appraise the structurally highest fault
compartment in the L53-D East field which has yet to be penetrated
over the majority of the main target sands.
Oil production is currently 1,350 BOPD, with approximately 400 BOPD
being produced at L53-G2 and L53-A4ST1 under 90 day production tests.
Oil production averaged 819 BOPD in the first quarter of 2013 and
continued to be impacted by downtime associated with workovers.
Future additions are anticipated from any success with the two L53-G2
appraisal wells and the L53-DC3 appraisal well. Any success from the
L53-DC3 well may also result in additional wells prior to releasing
the drilling rig.
An updated April 2013 corporate presentation is available today on
the company's website at www.panorient.ca.
Pan Orient is a Calgary, Alberta based oil and gas exploration and
production company with operations located onshore Thailand,
Indonesia and in Western Canada.
Readers are cautioned that well test results are not necessarily
indicative of long-term performance or of ultimate recovery.
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.
Pan Orient Energy Corp.
President and CEO (located in Bangkok, Thailand)
Pan Orient Energy Corp.
Vice President Finance and CFO
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