CALGARY, AB, Dec. 1, 2020 /CNW/ - Pan Orient Energy Corp. ("Pan Orient" or the "Company") (TSXV: POE) reports an update on Thailand operations.
Thailand Concession L53 (in which Pan Orient has 50.01% equity ownership)
L53-DD9 Appraisal well
As announced on November 12, 2020, the L53-DD9 appraisal well encountered approximately 29 meters of combined net oil pay in the four main producing sands (AA, BB, CC and DD). Of particular note, the CC sand was encountered 5 meters structurally higher than any previous well, with an estimated 18.4 meters of net oil pay.
The L53-DD9 well was put on production using an electrical submersible pump on November 20, 2020 through 12.9 meters of perforations in the CC sand. The well has averaged 980 barrels of oil per day ("BOPD"), 490 BOPD net to Pan Orient's 50.01% equity interest, with a water cut of 0.3% since the well cleaned-up on November 24th and has produced a cumulative 8,820 barrels of oil (4,411 barrels net to Pan Orient's 50.01% equity interest) since commencing production. Test results are not necessarily indicative of long-term performance or of ultimate recovery.
L53-DD4 Workover
The L53-DD4 well had been shut-in since October 10, 2020 due to water handling constraints. The well was producing 21 BOPD (11 BOPD net to Pan Orient's 50.01% equity interest) and with a water cut of 98.5% in the five day period prior to shut-in and workover. The well was put back on production on November 23rd and has averaged 351 BOPD (176 BOPD net to Pan Orient's 50.01% equity interest) with a water cut of 63% since November 26th.
Future Activities
Prior to year-end 2020, the Company expects to complete a workover of the L53-B1 well and conversion of the L53-DD8 well to a water disposal well. No further drilling activity is contemplated until mid to late Q1 2021 when two appraisal wells are planned for the L53-DD field to optimize reservoir drainage.
Thailand Production
Thailand Concession L53 oil sales averaged approximately 2,800 BOPD in November (1,400 BOPD net to Pan Orient's 50.01% equity interest). Oil production on November 29th was 3,608 BOPD (1,804 BOPD net to Pan Orient's 50.01% equity interest).
Updated Corporate Pre