CALGARY, Alberta, Aug. 13, 2019 (GLOBE NEWSWIRE) --
Onshore Concession L53 (Pan Orient Energy (Siam) Ltd., in which Pan Orient has 50.01% ownership)
Pan Orient Energy Corp. (“Pan Orient”) (POE – TSXV) is pleased to announce that Concession L53 oil sales have continued strong with 3,094 barrels of oil per day (“BOPD”) in July 2019 (1,547 BOPD net to Pan Orient's 50.01% equity interest), up slightly from June and again marking the highest average monthly oil sales ever achieved in Concession L53.
The July realized oil price was US$62.32, a 2.6% discount to the Brent reference price for crude oil, and gross crude oil sales revenue (on a 100% basis) was US$6.0 million (US$3.0 million net to Pan Orient's 50.01% equity interest), an increase of 14% over June sales revenue.
Rig mobilization will start on August 15th for the drilling of a firm two exploration well and one appraisal well program which is expected to commence approximately August 27th.
A second three to four exploration well drilling campaign, focused in the region of the L53-DD oil discovery, is likely to commence in late October to early November, approximately three months earlier than originally anticipated.
East Jabung PSC (Pan Orient 49% & Non Operator)
The Operator of the East Jabung Production Sharing Contract (“PSC”), Repsol (Indonesia), after consultations with the winning bid rig contractor, now advises of a one month delay for the Anggun 1X exploration well related mainly to the extra piles required to support the rig substructure and mud tanks. It is now expected that the approximate date for mobilization is in early September with drilling to commence 30 to 40 days after the start of mobilization.
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 press 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 press release includes references, express or implied, to drilling plans in Indonesia and Thailand. By its very nature, the forward-looking information contained in this press release requires Pan Orient and its management to make assumptions that may not materialize or that may not be accurate. In addition, the forward-looking information is subject to known and unknown risks and uncertainties and other factors, some of which are beyond the control of Pan Orient, which could cause actual results, expectations, achievements or performance to differ materially. Although Pan Orient believes that the expectations reflected in its forward-looking information are reasonable, it can give no assurances that those expectations will prove to be correct. Pan Orient undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Pan Orient Energy Corp.
Jeff Chisholm, President and CEO (located in Bangkok, Thailand)
- or -
Bill Ostlund, Vice President Finance and CFO
Telephone: (403) 294-1770