RE: RE: Insider buys again today When you look at what our neighbor PanOrient is doing you can see why the areais heating up. Below is an excerpt indicating POE drill program on L53 and a link to the entire article. could we be the next POE? 5 new Block 53 wells !
https://seekingalpha.com/article/1092441-the-pan-orient-express-a-highly-skewed-risk-reward-situation
The Upcoming Drill Program: Thailand
The upcoming Thailand drilling is expected to start on January 5th, 2013, and 5 wells are planned. One to two wells is/are to be an exploration well(s) targeting 5-10 million barrels recoverable on a new target on the L53 block, while 3-4 development/appraisal wells are planned for the L53-D discovery found in 2012. The goal of the program is two-fold: 1) increase production and upgrade reserves through low-risk development wells and 2) attempt to establish additional resources on nearby lands. The wells should be quick and cheap, at $1.5-2.0 million each. It is worth noting that even a 2 to 5 million barrel discovery is material to Pan Orient at this stage. Later in 2013, there is a chance that additional drilling may be carried out on a prospect to the north of the L53-D field where initial seismic work suggests there may be a structure capable of holding 10's of million of barrels of recoverable oil.
To sum up Thailand, it is a cash flow engine that drives near-term revenues that help offset capital expenditures in Indonesia with moderate upside potential through exploration drilling. Again, investors arguably pay nothing for the Thai exploration upside, so I tend to look at this as a free option on top of the Indonesian free option.