Pan Orient selling for cash ! ..Pan Orient Energy – (POE:TSXV) – Pan Orient Energy has released Q1 financials that show the company has almost as much cash as the current market cap. Shares are trading at $1.57 early this morning giving POE a market cap of $88.6 million with working capital of $85.4 million and an additional $9.4 million comining in June.
Commenting today on Pan Orient’s first-quarter 2015 results, president and chief executive officer Jeff Chisholm stated, “These financial results and the announcement of the government of Indonesia’s approval of the East Jabung PSC farm-out clearly demonstrate the progress achieved over the past year in the corporate initiative to reduce our future capital exposure and strengthen our balance sheet.”
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