Pan Orient Energy Corp. ("Pan Orient") (TSX VENTURE:POE) reports 2017 first quarter consolidated financial and operating results. Please note that all amounts are in Canadian dollars unless otherwise stated and BOPD refers to barrels of oil per day.
The Corporation is today filing its unaudited consolidated financial statements as at and for the three months ended March 31, 2017 and related management's discussion and analysis with Canadian securities regulatory authorities. Copies of these documents may be obtained online at www.sedar.com or the Corporation's website, www.panorient.ca.
Commenting today on Pan Orient's 2017 first quarter results, President and CEO Jeff Chisholm stated: "Despite the recent weather related delay to the commencement of drilling of the AYU-1X exploration well at the East Jabung PSC in Sumatra, Indonesia, significant progress has been made towards the drilling of this prospect with the access road completed in March and the first phase of rig mobilization started on May 8th".
2017 FIRST QUARTER HIGHLIGHTS
Results Net to Pan Orient's 50.01% Interest in the Thailand Joint Venture for Concession L53
Sawn Lake Alberta Heavy Oil
(Operated by Andora, in which Pan Orient has a 71.8% ownership)
East Jabung PSC, Onshore Sumatra Indonesia (Pan Orient 49% ownership & Non Operator)
Drilling of the AYU-1X exploration well, the first exploration well at the Anggun prospect of the East Jabung PSC, is now estimated to commence approximately late in the second quarter of 2017. The results of the AYU-1X exploration well will have a significant impact on Pan Orient's future strategy, which will be addressed upon completing analysis after the drilling of the AYU-1X well.
Concession L53 Onshore (Pan Orient Energy (Siam) Ltd., in which Pan Orient has 50.01% ownership)
The 2017 Thailand capital program will include one exploration well in approximately the third quarter of 2017 and well work-overs throughout the remainder of the year.
Sawn Lake (Operated by Andora, in which Pan Orient has a 71.8% ownership)
Pan Orient continues to move forward with long lead time steps towards potential future development at Sawn Lake. It is recognized that the need for stable crude oil prices, and specifically higher Western Canada Select reference prices, will have a significant impact on any decision regarding the timing and extent of future development. The first steps will be receiving approval for the Sawn Lake expansion and completing detailed engineering for Andora's proprietary Produced Water Boiler.
Pan Orient continues to maintain a strong cash balance denominated mainly in United States dollar deposits that will allow the Company to conduct key exploration and development activities and ensure financial flexibility. During 2017, Pan Orient will continue to review its worldwide exploration and development asset portfolio with the aim of maximizing corporate value and the best allocation of its significant financial resources. These activities range from the potential divestment of existing assets to the ongoing screening of new venture and corporate opportunities.
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.
SOURCE: Pan Orient Energy Corp.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.