Post by
InvestInYou on Feb 01, 2021 9:38am
Reserve Report
Commenting today on the year-end 2020 reserve report of Pan Orient Energy (Siam) Ltd., President and CEO Jeff Chisholm stated: "This year-end 2020 reserves report is an excellent result with proved reserves up 130% and proved plus probable reserves up 30%, mainly due to the production performance of the L53-DD field. While the oil volumes are strong, the proved and probable net present value after tax (discounted at 10%) was down 11% year-on-year as a result of the substantially lower (-17%) average oil price forecast at year-end 2020 versus year-end 2019, a reflection of the current uncertainty in the global oil markets. Despite the uncertainty with regard to oil markets in 2021, we look forward to a strong year of oil production performance from the L53 Concession".
https://www.newswire.ca/news-releases/pan-orient-announces-2020-year-end-thailand-reserves-update-862130722.html
Comment by
InvestInYou on Feb 04, 2021 10:59am
Brent oil continues to increase, POE building cash, material increase in reserves, POE buying back shares for as high as $0.88/share and POE share price drops. Unique opportunity to acquire something with limited downside and a decent lift.