Energy Summary - comment on POE Among other companies like MEG with its news, YGR with remarkable insiders buys and NCIB announcement etc:
"Another company with oil sands interests, Pan Orient Energy Corp. (POE), lost seven cents to $2.45 on 9,500 shares. Pan Orient is better known for its assets in Southeast Asia (specifically Thailand and Indonesia), but it also owns part of the Sawn Lake bitumen project in Alberta, and yesterday it released an updated resource estimate on Sawn Lake. It pegged its net contingent resources at about 163 million barrels. (That figure is based on the 50-per-cent interest in Sawn Lake held by Andora Energy, which is a 71.8-per-cent-owned subsidiary of Pan Orient.) Investors merely yawned. Most of the market's interest in Sawn Lake sputtered out years ago. The project came on production at the unluckiest time possible, in September, 2014, just as oil prices were about to collapse. This production was non-commercial and was aimed at proving that a thermal process would work in the targeted play. It did work, and production soon surpassed 600 barrels a day, but the idea of expanding the project to a commercial rate of 3,200 barrels a day has been on hold for years, while Pan Orient awaits higher bitumen prices. (Even then it will need financing.) Sawn Lake's production was halted in early 2016 and has yet to make a reappearance. Every once in a while, Pan Orient releases a fresh resource update and a fresh timeline for potential commercial production. The latest update has pushed the proposed commercial date out to 2022, compared with 2020 previously and 2019 before that."