Author Topic: POE.V - Pan Orient Energy  (Read 22442 times)

sculpin

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Re: POE.V - Pan Orient Energy
« Reply #70 on: April 30, 2019, 09:05:37 AM »
Energy Summary for April 29, 2019
 
2019-04-29 17:21 PT - Market Summary

by Stockwatch Business Reporter

Elsewhere in Southeast Asia, Pan Orient Energy Corp. (POE) lost one cent to $1.87 on 1,500 shares, giving back the one cent it added on Friday after receiving a production licence for its L53-DD field in Thailand. Pan Orient applied for this licence in December, shortly after drilling the field's initial discovery well and a follow-up appraisal well. It then drilled two more appraisal wells in early 2019. With the receipt of the licence, all four wells have been put on long-term production. Pan Orient did not disclose the rates of production and says it will not do so for several more days, in order to give the rates time to stabilize. It did say, however, that the two 2018 wells were respectively flowing 470 and 783 barrels of oil a day before they were shut in to await the licence. For context, Pan Orient's total production (all of which comes from other fields in Thailand) averaged 366 barrels a day in the fourth quarter of 2018. The L53-DD field was a rare bright spot for energy investors during that quarter, allowing Pan Orient's stock to rise to about $1.50 at the end of the year from around $1 in October. The stock has since kept rising to its current level of $1.87.

In addition, the Thai results were a lovely distraction from continuing delays at an even more intriguing project, East Jabung in Indonesia. This is a joint venture between Pan Orient and the above-mentioned Repsol. They have been working together since 2015 and have drilled two exploration wells so far. Although neither well was successful, Pan Orient has consistently maintained that it is "very encouraged" by East Jabung and its "significant indications" of hydrocarbons. The joint venturers were originally hoping to spud a third exploration well in the third quarter of last year, but are nearly a year behind schedule and are hoping to finally start drilling in late June or July. In February, Repsol made a sizable gas discovery at the nearby Sakakemang block (not owned with Pan Orient). Pan Orient trumpeted this discovery (which it had no part of) as having "highlighted the potential for large discoveries still to be made within this region." It is clearly hoping that its next East Jabung well will make one of those discoveries. Investors should find out soon enough. The well is expected to take about a month to drill and, if it finds anything, a further three weeks to test. The drilling and testing combined should cost about $9-million (U.S.) net to Pan Orient's interest. Pan Orient had a healthy $32.5-million in working capital as of year-end 2018.


cwericb

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Re: POE.V - Pan Orient Energy
« Reply #71 on: May 08, 2019, 06:07:10 AM »
Here is today's press release. I'm certainly no expert but this looks fairly positive so far. Perhaps someone here could translate some of the technical aspects for those results.

CALGARY, Alberta, May 08, 2019 (GLOBE NEWSWIRE) --

THAILAND

Onshore Concession L53 (Pan Orient Energy (Siam) Ltd., in which Pan Orient has 50.01% ownership)

Pan Orient Energy Corp. (“Pan Orient”) (POE – TSXV) is pleased to announce 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.

INDONESIA

East Jabung PSC (Pan Orient 49% & Non Operator)

Pan Orient has been informed by the operator of the East Jabung Production Sharing Contract (“PSC”) that the estimated drilling rig mobilization date of the Anggun-1X exploration well has been revised to approximately July 1, 2019 with drilling to commence approximately August 1 as a result of continued rain.  There has been only thirteen days without rain between March 17th and May 6th, however six of the last nine days since April 29 have been without rain.  In most years, rain is expected to gradually decrease from the end of April onward.  Overall, construction for the Anggun-1X access road has been more heavily impacted than was the case of the earlier Ayu-1X exploration well due to the construction method used.  The Anggun-1X access road is a permanent road, as opposed to the temporary rig mat road that was constructed for Ayu-1X, which allows for rapid follow-up appraisal drilling in the event of Anggun-1X success. 
   
Politicians and diapers must be changed often, and for the same reason. - Mark Twain

rkbabang

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Re: POE.V - Pan Orient Energy
« Reply #72 on: May 10, 2019, 01:39:00 PM »
Could be significant buy backs coming.

"Pan Orient will be authorized to purchase, for cancellation, up to 4,504,064 of its common shares (10% of the public float), subject to a maximum of 1,098,008 common shares (2% of the 54,900,407 issued and outstanding common shares) during any 30 day period"

https://stockhouse.com/news/press-releases/2019/05/10/pan-orient-energy-corp-normal-course-issuer-bid#G1kijxaPR9Rkd818.99

sculpin

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Re: POE.V - Pan Orient Energy
« Reply #73 on: May 10, 2019, 02:34:06 PM »
Believe POE netback's are pretty great at the 1,400 bbl/d level with Brent at $70 level. Probably at least $40/bbl US leading to $75K CF a day or about $27mm Cdn annually.

Cardboard

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Re: POE.V - Pan Orient Energy
« Reply #74 on: May 21, 2019, 12:20:32 PM »
Seems we just had a technical/chart related crash on POE and bought more.

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