Pan Orient Energy Corp. (POE:TSX.V) announced in a news release that its L53-DD4 appraisal well confirmed extension of the L53DD oilfield in Thailand. (Pan Orient has a 50.01% ownership in the L53 concession.)
L53-DD4 reached a true vertical depth of 1,400 meters (1,400m), roughly 1,140m northwest of the DD well pad's surface location.
The L53-DD4 well hit an interpreted 15.6m of net oil pay in the AA2 and BB/CC sandstones between 1,010m and 1,103m of true vertical depth. This determination was based on open-hole wire line logs, hydrocarbon signs seen during drilling and pressure data from all of the zones after drilling.
The high-quality oil pay the L53-DD4 well encountered in the deeper AA2 sand resulted in "a new oil pool discovery," the release noted.
As for the BB/CC sandstones, L53-DD4 encountered the top of them to the northwest of where the L53-DD1 and L53-DD2 holes hit them, 956m away from the former and 1,160m away from the latter. The CC sand L53-DD4 encountered was 7.5m higher than what L53-DD1 hit and was superior in reservoir quality and thickness.
Also, L53-DD4 penetrated a fault compartment next to and north of the main DD oilfield fault compartment previously drilled by L53-DD1 and L53-DD2. Consequently, Proven and Probable reserves from this fault compartment are expected at year-end 2019.
Aiming to start testing the L53-DD4 well as soon as possible, Pan Orient submitted a 90-day application to Thailand's government to do so.
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