Pan Orient Energy Corp. (POE:TSX.V) announced in a news release that oil sales from Concession L53/48 in Thailand hit a record high in 2019.
That new total reached was 773,675 barrels, which amounted to an average of 2,120 barrels of oil per day. Most, or 615,460, of the barrels sold came from the L53DD field, the company reported.
Between 2018 and 2019, Pan Orient increased its crude oil reserves at L53. As for proven oil reserves, Pan Orient had proven oil reserves of 1,235,000 barrels at year-end 2019, up 37% year over year from 901,000 barrels. Proven and probable (2P) oil reserves totaled 3,668,000 barrels, a 34% increase over those at year-end 2018 of 2,731,000 barrels.
Contributing to Pan Orient's 2019 oil sales and reserves was the discovery of the L53-AA South field last year, during which 13,753 barrels of oil were sold from the L53-DD5ST1 exploration well, the company stated.
The after-tax net present value of the Thailand 2P oil reserves as of Dec. 31, 2019, was CA$87.4 million, using forecasted prices and costs discounted at 10% per year, Pan Orient announced.
"I am pleased with these results and looking forward with a great deal of anticipation towards the Thailand 2020 exploration and appraisal drilling program of four firm exploration and three firm appraisal wells," Pan Orient Energy President and CEO Jeff Chisholm said in the release.
Work on the first appraisal well, L53-DD6ST2, already is underway.
Pan Orient Energy (Siam) Ltd. is the operator and 100% owner of Concession L53/48; Pan Orient Energy Corp. has a 50.01% equity interest in the firm.
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