In a news release, Pan Orient Energy Corp. (POE:TSX.V) announced that governmental approval was received for a 90-day production test of the L53-AA2 exploration well in Thailand and that that work should start later this month.
Drilling of L53-AA2 is part of the second phase of drilling at the L53 Concession, which kicked off in late June.
APan Orient Energy noted that drilling of the L53AC-E exploration well was pushed back to late 2020.
The water disposal well L53-DD8 will be drilled once a rig is mobilized to the L53-DD drilling pad. L53-DD8 "is expected to encounter shallow untested sands before penetrating the main sandstone reservoirs in the vicinity of their inferred oil water contacts substantially downdip from the crest of the structure," the release noted.
Also, once the Thailand government approves a 90-day production test, the L53-BB1 well will be drilled to confirm the previously interpreted result that L53-BB1ST1 encountered an estimated combined 10.55 meters of possible oil pay.
Pan Orient Energy noted in the release, too, that the COVID-19 pandemic has affected its Thailand operations but that it and its joint venture entity are "well positioned to withstand these unprecedented events." The company added that it is "optimistic about a slow return to normal operations and less volatile market conditions, but the outlook for world oil prices remains challenging."
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. 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, a company mentioned in this article.
