Pan Orient Energy Corp.: L53-D2 (L53-D East) Oil Discovery (Thailand) & Operations Update
CALGARY, ALBERTA--(Marketwire - Jan. 9, 2012) -Pan Orient Energy Corp. (TSX VENTURE:POE)
THAILAND OPERATIONS
Concession L53 (Pan Orient 100% working interest and operator)
L53-D2 (L53-D EAST) Exploration well
Pan Orient is pleased to announce that the L53-D2 exploration well, drilled into the L53-D East exploration prospect, encountered approximately 65 meters of interpreted net oil pay averaging 20% porosity within five to six separate conventional sandstone reservoirs between the depths of 550 to 940 meters. This interpretation is based on numerous pressure data points indicating oil pressure gradients, oil shows while drilling and independent third party open hole well log analysis. Testing will be required to confirm the commercial potential of this discovery and will commence within the next 72 hours.
The L53-D2 well was targeting conventional sandstone reservoirs within a fault compartment adjacent and downthrown to the earlier drilled L53-D sub-commercial oil discovery that was tested in January 2010 at a rate of 280 BOPD from a thin eight meter oil column overlying water within one individual sand. Of note, the upper 3 oil bearing sands were faulted out and never encountered in the original L53-D exploration well but will be targeted in future appraisal drilling.
These preliminary exploration results at L53-D2 mark a very encouraging start to Pan Orient's 2012 active exploration drilling campaign. It is currently planned that an appraisal well (L53-DST3) will be drilled into the same fault compartment immediately upon the completion of the currently drilling L53-G exploration well (see below).
L53-G Exploration well
The L53-G exploration well is currently rigging up on location and is expected to commence drilling within the next 24 to 48 hours and take approximately 12 to 14 days to reach total depth. The L53-G prospect is approximately 2.7 kilometers south east and on trend with the L53-A oil field that is currently producing at approximately 474 BOPD.