Pan Orient Energy Corp.: 2016 Second Quarter Financial & Operating Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 08/17/16 -- Pan Orient Energy Corp. ("Pan Orient" or the "Company") (TSX VENTURE: POE) reports 2016 second 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 Company is today filing its unaudited consolidated financial statements as at and for the six months ended June 30, 2016 and related management''s discussion and analysis with Canadian securities regulatory authorities. Copies of these documents may be obtained online at or the Company''s website, .
Commenting today on Pan Orient''s 2016 second quarter results, President and CEO Jeff Chisholm stated: "The second quarter of 2016 in Thailand was focused on operating cost reductions and procurement / planning for an imminent four well workover program and a fourth quarter 2016 exploration drilling program. In Indonesia, activity centered on completing the Batu Gajah PSC extension application, which was submitted just after quarter-end, and planning for an Akeh-1 hydrocarbon discovery appraisal well. In Canada, reservoir modeling incorporating recent demonstration project well performance data was completed for the Sawn Lake Bluesky formation reservoir and this has formed the basis for an updated Sawn Lake contingent resources report that is currently underway and expected to be competed in September. These activities in all three focus areas are intended to continue moving these assets up the value curve with modest capital expenditure in a time of low oil price".
HIGHLIGHTS FOR THE FIRST HALF OF 2016
Indonesia
Thailand
Sawn Lake, Canada (Pan Orient''s 71.8% subsidiary Andora owns a 50% working interest and is the operator)
Corporate
2016 SECOND 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% ownership & Operator)
The Company is preparing to drill the Akeh-2 appraisal well in the fourth quarter of 2016 and is working through the process with the Government of Indonesia related to the application for extension of the exploration period for the Batu Gajah PSC.
There have been discussions with a number of parties since December 2015 seeking a partner in the Batu Gajah PSC and these discussions are currently on hold pending further information regarding a decision by the Government of Indonesia to grant an extension to the PSC.
East Jabung PSC, Onshore Sumatra Indonesia (Pan Orient 49% ownership & Non Operator)
Pan Orient looks forward to the planned drilling of the first East Jabung exploration well at the Anggun prospect in the fourth quarter of 2016. The Anggun prospect is a relatively shallow, onshore, potentially 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. As future timing and activity information is provided by the operator, Pan Orient will provide timely updates to its shareholders.
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, as demonstrated during the first half of 2016 when the Brent reference price for crude oil averaged US$39.14 per barrel.
The remaining 2016 Thailand capital program is scheduled to include an exploration well at the "A" North East prospect and four workovers (including new zone testing at L53-B). A second exploration well before the end of 2016 may be added to the program.
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 forward with steps which allow for future development at Sawn Lake. The Sawn Lake reservoir model and contingent resources report are being updated to incorporate the results of the demonstration project and the application for a potential commercial expansion at the demonstration project site was submitted at the end of April. It is recognized that higher crude oil prices, and specifically higher Western Canada Select reference prices, will be required for future development.
Corporate
Pan Orient continues to focus on and move towards demonstrating the value of its exploration portfolio in Indonesia, Thailand and Canada. Pan Orient maintains a strong financial position allowing us 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; 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 reserves 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)
Email:
Pan Orient Energy Corp.
Bill Ostlund
Vice President Finance and CFO
Telephone: (403) 294-1770, Extension 233
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Datum: 17.08.2016 - 06:30 Uhr
Sprache: Deutsch
News-ID 1453084
Anzahl Zeichen: 2738
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Oil & Gas
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