Pan Orient Energy Corp. 2015 Year End Financial & Operating Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 04/25/16 -- Pan Orient Energy Corp. ("Pan Orient") (TSX VENTURE: POE) reports 2015 year-end and fourth quarter consolidated financial and operating results. Please note that all amounts are in Canadian dollars unless otherwise stated and BOPD refers to barrels of oil per day.
The Corporation is today filing its audited consolidated financial statements as at and for the year ended December 31, 2015 and related management''s discussion and analysis with Canadian securities regulatory authorities. Copies of these documents may be obtained online at or the Corporation''s website, .
Commenting today on Pan Orient''s 2015 results, President and CEO Jeff Chisholm stated: "Pan Orient made significant progress advancing projects at Sawn Lake in Canada and East Jabung and Batu Gajah in Indonesia through 2015 while at the same time bringing down costs significantly in the latter part of 2015 and the first quarter of 2016. We are currently in a strong financial position with low work program commitments over the coming year and no long-term debt; this is in stark contrast to many of our peers. Despite the challenges faced in the current low oil price environment, we will be executing projects in 2016 that with any success, and with modest net capital expenditures, have the potential to materially transform the company even in this low oil priced environment."
2015 HIGHLIGHTS
2015 FOURTH QUARTER OPERATING RESULTS
The financial statements reflect that on February 2, 2015 the Company sold a 49.99% equity interest in its subsidiary Pan Orient Energy (Siam) Ltd. ("POS") and retained a 50.01% equity interest. From February 2, 2015 forward the retained 50.01% equity interest is reclassified as a jointly controlled Joint Venture and Pan Orient''s 50.01% equity interest in the working capital, assets, capital expenditures, liabilities and operations of POS are recorded as Investment in Thailand Joint Venture.
OUTLOOK
INDONESIA
Batu Gajah, Onshore Sumatra Indonesia (Pan Orient 77% & Operator)
Pan Orient has received GOI approval for, and is currently preparing for the drilling of the Akeh-2 deviated appraisal well from the existing Akeh-1 well pad to further delineate the Akeh prospect as required to apply for "Release from Exploration Status".
The Company intends to submit an application for a two year extension in June 2016. A two year extension would allow the time required to finish drilling the Akeh-2 appraisal well, apply for "Release from Exploration Status" and move forward to prepare a Plan of Development to determine the likelihood of the commerciality of the Akeh-1 discovery. The GOI may require Pan Orient to have drilled the Akeh-2 well prior to granting an extension.
Pan Orient has also been involved in discussions with a number of parties since December 2015 seeking a partner in the Batu Gajah PSC.
East Jabung PSC, Onshore Sumatra Indonesia (Pan Orient 49% & Non Operator)
The operator has advised Pan Orient the first exploration well at the Anggun prospect in the East Jabung PSC is scheduled to be drilled in the fourth quarter of 2016. The Anggun prospect is a relatively shallow, onshore, high impact target adjacent to existing infrastructure and possesses some of the best fiscal terms in Indonesia. Success at Anggun would have the potential to materially transform Pan Orient within a framework of manageable appraisal and development costs and in the context of Pan Orient''s available financial resources.
THAILAND
Concession L53 Onshore (Pan Orient Energy (Siam) Ltd., in which Pan Orient has 50.01% ownership)
Oil production at onshore Concession L53 benefits from having a low cost structure. The 2016 Thailand capital program is being reviewed but will likely include the drilling of an exploration well in late 2016 and at least one low cost work-over in the third quarter of 2016.
CANADA
Sawn Lake (Operated by Andora, in which Pan Orient has a 71.8% ownership)
Pan Orient is pleased with the results of the Sawn Lake SAGD demonstration project and is moving with steps which allow for future development at Sawn Lake. It is recognized that higher crude oil prices, and specifically higher Western Canada Select reference prices, will be required for future development.
The Sawn Lake reservoir model and contingent resource report are being updated to incorporate the results of the demonstration project and Andora is starting through the regulatory approval process for approval for commercial expansion to 3,200 BOPD at the demonstration project site. The regulatory approval process is expected to take approximately 1 1/2 years and any expansion is dependent on regulatory approval, completion of detailed engineering and a higher commodity price environment to support project economics and financing.
Corporate
Pan Orient is focused on demonstrating the value of its exploration prospects in Indonesia, Thailand and Canada. Pan Orient continues to maintain a strong financial position to conduct key exploration activities and ensure financial flexibility.
Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations currently located onshore Thailand, Indonesia and in Western Canada.
This news release contains forward-looking information. Forward-looking information is generally identifiable by the terminology used, such as "expect", "believe", "estimate", "should", "anticipate" and "potential" or other similar wording. Forward-looking information in this news release includes, but is not limited to, references to: renewal, extension or termination of oil concessions and production sharing contracts; other regulatory approvals; well drilling programs and drilling plans; the benefits of patented technology; estimates of reserves and potentially recoverable resources, information on future production and project start-ups, and negotiation, agreement, closing and financing and other terms of farmout and other transactions; potential purchases of common shares under the normal course issuer bid; and sufficiency of financial resources. By their very nature, the forward-looking statements contained in this news release require Pan Orient and its management to make assumptions that may not materialize or that may not be accurate. The forward-looking information contained in this news release is subject to known and unknown risks and uncertainties and other factors, which could cause actual results, expectations, achievements or performance to differ materially, including without limitation: imprecision of reserve estimates and estimates of recoverable quantities of oil, changes in project schedules, operating and reservoir performance, the effects of weather and climate change, the results of exploration and development drilling and related activities, demand for oil and gas, commercial negotiations, other technical and economic factors or revisions and other factors, many of which are beyond the control of Pan Orient. Although Pan Orient believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Pan Orient Energy Corp.
Jeff Chisholm
President and CEO
(located in Bangkok, Thailand)
Pan Orient Energy Corp.
Bill Ostlund
Vice President Finance and CFO
(403) 294-1770, Extension 233
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Datum: 25.04.2016 - 06:30 Uhr
Sprache: Deutsch
News-ID 1430177
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