Thailand L53-DC3 Oil DiscoveryPan Orient Energy Corp.: Thailand L53-DC3 Oil Discovery <POE.V>
Marketwired
Pan Orient Energy Corp.
May 21, 2013 - 08:30:00 AM
Pan Orient Energy Corp.: Thailand L53-DC3 Oil Discovery
CALGARY, ALBERTA--(Marketwired - May 21, 2013) -
Concession L53 Onshore Thailand (Pan Orient Operator and 100% Working
Interest)
L53-DC3 Appraisal Well
Pan Orient Energy Corp. ("Pan Orient" or the "Corporation") (TSX VENTURE:POE)
is pleased to announce that the L53-DC3 appraisal well is currently on a 90
day production test producing 15 degree API oil by electrical submersible pump
at a rate of approximately 160 barrels of oil per day with an 8% water cut,
interpreted to be mainly completion brine based on the high salinity.
Production is from perforations across 15 meters (true vertical thickness) of
oil pay in the "A1" and shallower "HO" sands. The top and base of perforations
are 512 and 547 meters true vertical depth respectively.
The well also encountered five meters of interpreted likely oil pay in the
deeper "A3" sand and three meters of possible oil pay in the "A2" sand.
Porosities in all these shallow sands average between 22% to 29%.
Further drilling will be required to define the full extent of the L53-DC3 new
pool accumulation.
The L53-DC3 well was drilled to a total measured depth of 1,050 meters (654
meters true vertical depth) from the L53-DC well pad targeting the
structurally highest fault compartment in the L53-D East field which had been
previously untested. The deeper "A4" to "A6 Upper" sands remain yet to be
penetrated by any well in this highest fault compartment and will be the focus
of future drilling.
The results at L53-DC3 have demonstrated the ability to test relatively heavy
oil from very shallow depths at commercial rates. Where earlier exploration
and appraisal drilling in the L53-D East field had focused almost exclusively
on the deeper "A5" to "A8" and "C" sands, drilling at L53-DC1, L53-2 and L53-3
has highlighted the potential of the "HO" and "A1" to "A4" shallow sands
resulting in the recognition of the significant remaining potential in at
least four undrilled fault compartments that form part of the L53-D East
cluster.
L53-G3 and L53-G3ST1 Appraisal Wells
The L53-G3 appraisal well was drilled to test a fault sliver in the
southernmost region of the L53-G structural closure that in the success case
would have substantially increased the southern extent of the accumulation
discovered in the L53-G2 well. The well failed to encounter oil in commercial
quantities at any of the four potential sandstone intervals.
The L53-G3ST1, the second appraisal well to the L53-G2 oil discovery, has just
completed drilling to a measured depth of 1,500 meters (1,250 meters true
vertical depth) at a subsurface location approximately 350 meters south of the
L53-G2 oil discovery, and is currently logging. The primary objective of the
well is to evaluate the deep "K40-D" sands that were observed in the L53-G2
discovery well but never tested, in addition to the "K40-B", "K40-C" and
"K40-A" sands.
Further outlook on Pan Orient's remaining 2013 Thailand activities will be
provided in the report for the first quarter of 2013 expected to be released
later this week.
Pan Orient is a Calgary, Alberta based oil and gas exploration and production
company with operations located onshore Thailand, Indonesia and in Western
Canada.
Readers are cautioned that well test results are not necessarily indicative of
long-term performance or of ultimate recovery.
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: well drilling programs and
drilling plans, estimates of reserves and potentially recoverable resources,
and information on future production and project start-ups. 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
reserve 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Pan Orient Energy Corp.
Jeff Chisholm
President and CEO (located in Bangkok, Thailand)
jeff@panorient.ca
Pan Orient Energy Corp.
Bill Ostlund
Vice President Finance and CFO
(403) 294-1770
www.panorient.ca