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pan orient energy corp (POE) Details

Pan Orient Energy Corp., together with its subsidiaries, engages in the exploration, development, and production of oil and gas properties in Thailand, Indonesia, and Canada. It holds interests in the concession L53/48 located in west of Bangkok, Thailand; the East Jabung production sharing contract located in South Sumatra, Indonesia; and 78 sections of Sawn Lake Alberta Crown oil sands located in the central Alberta Peace River Oil Sands area. The company is based in Calgary, Canada.

pan orient energy corp (POE) Top Compensated Officers

CEO, President & Director
Total Annual Compensation: C$909.3K
CFO, VP of Finance & Corporate Secretary
Total Annual Compensation: C$488.1K
Vice President of Operations - Andora Energy ...
Total Annual Compensation: C$182.4K
Compensation as of Fiscal Year 2018.
pan orient energy corp
Pan Orient Energy Corp. Reports Earnings Results for the First Quarter Ended March 31, 2019

Pan Orient Energy Corp. announced earnings results for the first quarter ended March 31, 2019. For the first quarter, the company announced net loss was CAD 849,000 compared to CAD 338,000 a year ago. Basic loss per share was CAD 0.02 compared to CAD 0.01 a year ago.

Pan Orient Energy Corp. Announces Thailand Concession L53 Production Averages 2,824 BOPD

Pan Orient Energy Corp. announced that Concession L53 oil production has averaged 2,824 BOPD (1,412 BOPD net to Pan Orient's 50.01% equity interest) from April 27 to May 6, 2019 with 2,468 BOPD from the four L53-DD wells that commenced stable production on April 27, 2019. An additional approximately 40 BOPD has been shut-in during the same period due to temporary trucking constraints. Initial production results for the three wells producing for either the first time (L53-DD3 & L53-DD4) or from a new zone (L53-DD1) are: L53-DD3 has averaged 570 BOPD of 23.5 API oil with a BS&W of 3.79% through 4.2 meters of perforations between a true vertical depth ("TVD") of 1112.7-1116.9 meters at the top of the DD/EE sand utilizing an electrical submersible pump up to May 2 when the well had been shut-in pending a workover that will perforate the upper five meters of the BB sand. This workover is anticipated to be completed shortly and a production update will be provided to shareholders after production stabilizes from the BB sand. L53-DD4 has averaged 729 BOPD of 23.8 API oil with a BS&W of 11.52% through four meters of perforations near the base of the BB/CC sand between a TVD of 1081-1085 meters utilizing an electrical submersible pump set at 1,499 meters measured depth (“MD”) and current fluid level at 394 meters MD. L53-DD1 has averaged 514 BOPD of 23.5 API oil with a BS&W of 2.36% through four meters of perforations between a TVD of 960.9-966.5 meters starting at the top of the AA sand utilizing a beam pump set at 977.3 meters MD and current fluid level at 229 meters MD. In addition, L53-DD2 recommenced production from the BB/CC sand and has averaged 883 BOPD. Test results are not necessarily indicative of long-term performance or of ultimate recovery. Future decline rates and recovery factors will be determined to a large extent by whether or not aquifer support is present, and to what degree, in each of the producing zones. Current activities are focused on the L53-DD3 workover and a multi-well exploration/appraisal drilling program that is expected to commence in late July to early August 2019, targeting exploration prospects offsetting the L53-DD field and appraisal drilling at L53-B. A second multi-well exploration drilling program focused mainly in the L53-DD field area is anticipated in late 2019 to early 2020 subject to the timing of required Government of Thailand approvals.

Pan Orient Energy Corp.'s L53-DD Production License Approved by Government of Thailand

Pan Orient Energy Corp. announced that the L53-DD Production License has been approved by the Government of Thailand. This was in addition to a number of other approvals that were required to commence long-term production from the L53-DD field discovery made in October 2018. The primary term of the PL is 20 years. Four wells have been drilled and completed within the L53-DD field since October 2018 with two of these, L53-DD1 and L53-DD2, producing for an approximately 90 day test period that ended on February 18 and February 23, 2019, respectively. Two additional wells, L53-DD4 and L53-DD3, were then drilled in 2019; however 90 day test approval periods were not granted by the Government of Thailand, likely due to the advanced stage of the PL approval process. All four wells are now on long-term production.

 

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