News Release Soon?Excerpts from October 28th NR.
POE should have announced 195 bopd of shut in production have been brought back online, and the results of 2 workovers by now but haven't. Could it be management is holding back this NR to also include the sale of L-53 and Sawn Lake? If we are going to vote on the $0.40 distribution and asset sales at a special meeting in mid-January we will need time to decide before we vote. Hoping for a News Release either this week before Christmas or next week before New Years. Wouldn't Pan Orient have to mail shareholders any offer prior to the special mid-jan meeting?
390 BOPD (195 BOPD net to Pan Orient's 50.01% equity interest) that has been shut-in since October 13th due to the worst flooding conditions experienced in the Suphan Buri region of Thailand since 2011. It is anticipated this production will likely be back onstream within the next 14 to 21 days. In addition, two workovers are planned on the L53-DD6ST2 and L53-DD10 wells with completion of both anticipated within the next 14 to 21 days, and both targeting the AA2 sand that has had no reserves attributed to it in the most recent third-party reserves report.
Pan Orient anticipates that the required annual and special meeting of shareholders will be held in mid-January 2022. If approved by shareholders, the record date for the determination of shareholders entitled to receive the distribution would be set and the distribution paid in early-February 2022.
It is currently proposed that in the period after the sale of the Company's oil and gas interests, and the distribution of the vast majority of cash to shareholders, the Company will continue to pursue international oil and gas opportunities with a substantially scaled down cost structure.
After receiving the cash distribution and payments for asset sales, POE will retain some money to "persue international oil and gas opportunities". So we will get more distrubution payments for asset sales, and still own our common shares in an oil company planning a "new direction". Curious to know how much cash the company will keep in the coffers for new "oil and gas opportunities" since they are paying to shareholders the "vast majority". I assume that will perhaps also mean a company name change should we exit Thailand.