GM Sells Stake in Ally Financial for $900 Million
Pan Orient Surges on Thai Oil Exploration Well: Calgary Mover
Pan Orient Energy Corp. (POE), a Canadian oil and natural-gas developer, surged for a second day after the company said an exploration well in Thailand began producing oil.
The shares gained 22 Canadian cents, or 6.4 percent, to C$3.65 in Toronto trading after surging 27 percent yesterday.
The company, based in Calgary, said its test well in Thailand produced 1,015 barrels a day, the highest flow rate that Pan Orient has recorded for a conventional sandstone reservoir in Thailand. The oil developer plans to apply for a production license and a permit for 12 additional wells, it said.
To contact the reporter on this story: Jeremy van Loon in Calgary at email@example.com
To contact the editor responsible for this story: Susan Warren at firstname.lastname@example.org