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Pan Orient Surges on Thai Oil Exploration Well: Calgary Mover

Jan. 24 (Bloomberg) -- Pan Orient Energy Corp., 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.

Pan Orient is an onshore oil and gas exploration and production company with operations in Thailand, Indonesia and in Canada, including Alberta’s oil sands.

To contact the reporter on this story: Jeremy van Loon in Calgary at jvanloon@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net

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