Comments from Lou SchizasJune 23, 2009
New global names aim to capitalize on rising oil prices (RTGAM)
By Lou Schizas
The next company that met the profile was Pan Orient Energy Corp. The company operates in Thailand and Indonesia and as of their first quarter 2009 report they were producing 6,165 BOPD, up from 4,604 a year earlier.
POE also benefits from having an experienced management team headed by Jeff Chisholm who has 18 years of international experience with Nexen, EnCana, and Niko Resources. When I hear Niko I pay attention.
Pan Orient has a 2009 capital budget of $60-million, of which 57 per cent will be spent in Thailand and 43 per cent in Indonesia on high impact drilling.
POE is pulling back from an overbought situation and the Moving Average Convergence/Divergence (MACD) is turning down which is signalling that perhaps the stock got too far ahead of its results and had to catch a breather. There is a golden cross that formed this month which makes this one worth watching for an entry point on the pullback.