Pan Orient Energy Corp. (POE:TSX.V) announced in a news release that the Thailand government granted it and its joint venture partner a 20-year production license for the L53-DD field.
Now, the four previously drilled and tested wells on the property, the L53-DD1, L53-DD2, L53-DD3 and L53-DD4, are on long-term production.
The company noted that "at the time of shut-in, the L53-DD2 well was producing 783 BOPD from the base of the BB/CC sand and the L53-DD1 well was producing 470 BOPD from the BB/CC sand with perforations in close proximity to the sand's defined oil water contact. Both wells were located within the December 31, 2018, proved and probable reserves envelope for the BB/CC sandstone."
Pan Orient stated that once production stabilizes, in about seven to 10 days, it will provide shareholders with an update.
Read what other experts are saying about:
Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Pan Orient Energy. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Pan Orient Energy Corp., a company mentioned in this article.
