Only two more days to go in April. This excerpt from the March 18th N/R sounds like its judgment day for the future of L-53. Sell or keep? Brent is around $67.44 USD. and will likely go higher increasing our cash reserves which will enable POE to purchase future assets in Thailand. As management states, "very favourable view of of the Thai current fisical terms". Pan orient is already familiar with Thai exploration and its ins and outs. I say keep L-53 and use the cashflow to grow the business when the auction takes place later this year or early next.
OUTLOOK
THAILAND
Concession L53 Onshore (Pan Orient Energy (Siam) Ltd., in which Pan Orient has 50.01% ownership)
A two to three well appraisal drilling program has commenced with the L53-DD10 well that has just completed drilling. L53-DD10 is expected to be on long-term production upon completion of the two to three well appraisal drilling program. The L53-DD12 appraisal well has just commenced drilling and will tentatively be followed by the L53-DD11 appraisal well. It is anticipated this appraisal drilling program will solidify production through 2021.
Nearing the completion of the planned appraisal drilling program anticipated in April 2021 , the Company will be in a position to best determine the future of the Thailand asset that would maximize shareholder value. The Company maintains a very favorable view of the current Thailand fiscal terms, operating environment and exploration potential that will be available in future onshore licensing rounds.