Pan Orient Energy Corp.: AYU-1X Drilling Update
CALGARY, ALBERTA--(Marketwired - Aug. 28, 2017) - Pan Orient Energy Corp. ("Pan Orient" or the "Company")
(TSX VENTURE:POE) is providing an operations update.
INDONESIA
East Jabung PSC (Pan Orient 49% & Non Operator)
The East Jabung Production Sharing Contract ("PSC") AYU-1X exploration well reached a total depth of 1,140 meters within the
granitic basement on August 21 and has now been logged and pressure/fluid samples have been collected. Preliminary
interpretation of the wireline logs, supported by pressure data and oil samples, indicates approximately 5.5 meters of high
porosity net oil pay at the top of good quality reservoir in the Batu Raja limestone. Significant indications of
hydrocarbons in the form of oil shows and high gas readings in well-developed sands of Gumai age were also found. Additional
drilling will be required to establish the commerciality of the Ayu, Elok and Anggun structural complex.
Based on the encouraging post drill assessment of the results at AYU-1X, the joint venture has elected to commence the
drilling of the ELOK-1X well immediately, which will sidetrack from the AYU-1X wellbore to a subsurface location approximately
700 meters south of the AYU-1X well location, targeting a potential thick apron of Lower Talang Akar sandstones on-lapping the
AYU-1X high. ELOK-1X will qualify as the second commitment well and complete the first phase exploration well commitments
for the East Jabung PSC and is anticipated to take approximately 30 days to reach total depth. The timing of further
activities in the PSC area will be one of the main topics of discussion at an upcoming partners meeting.
Pan Orient is a Calgary, Alberta-based oil and gas exploration and production company with operations currently located
onshore Thailand, Indonesia and in Western Canada.
This press release contains forward-looking information. Forward-looking information is generally identifiable by the
terminology used, such as "expect", "believe", "estimate", "should", "anticipate" and "potential" or other similar
wording. Forward-looking information in this press release includes references, express or implied, to drilling plans in
Indonesia and satisfaction of regulatory requirements. By its very nature, the forward-looking information
contained in this press release requires Pan Orient and its management to make assumptions that may not materialize or that may
not be accurate. In addition, the forward-looking information is subject to known and unknown risks and uncertainties and
other factors, some of which are beyond the control of Pan Orient, which could cause actual results, expectations, achievements
or performance to differ materially. Although Pan Orient believes that the expectations reflected in its forward-looking
information are reasonable, it can give no assurances that those expectations will prove to be correct. Pan Orient
undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information,
future events or otherwise, except as required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.