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Be the first with the news that moves the market- Pan Orient Energy (POE) has posted an update from its Thailand exploration program
- While drilling Pan Orient experienced difficulties at a depth of 1,475 metres and was forced to reposition the drill
- Afterward repositioning, the company encountered 10.55 metes of possible oil pay, but has yet to confirm this interpretation
- Pan Orient will need to receive a 90-day test approval from the Government of Thailand’s Oil and Gas regulator before the follow-up work is allowed to begin
- Pan Orient Energy (POE) is in the grey and is trading at C$0.59 per share
Pan Orient Energy (POE) has encountered difficulties while drilling at the L53 concession in Thailand.
The second phase program begun in late June with the L53-BB1 exploration well. The drill was approximately 1.9 kilometres north of the L53 oilfield, in which Pan Orient owns a 50.01 per cent stake.
However, Pan Orient experienced drilling difficulties at a depth of 1,475 metres. As a result, the well was plugged back and side-tracked from a depth of 430 metres back down to a depth of 1,529 meters.
Further down, the company encountered 10.55 metes of possible oil pay, but has yet to confirm this interpretation.
Pan Orient will need to receive a 90-day test approval from the Government of Thailand’s Oil and Gas regulator before the follow-up work is allowed to begin.
The L53 drilling rig is currently being pulled down and will move to the L53-DD drilling pad where the company intends to drill a water disposal well. The company expects to encounter shallow untested sands before penetrating the main sandstone reservoirs in the vicinity of the inferred oil water structure.
The company had planned to drill a third exploration well on L53 but has since suspended its plans until the end of this year.
However, the company has said that further drilling on the Pan Orient will be dependent on oil prices and the global COVID-19 pandemic situation.
Pan Orient Energy (POE) is in the grey and is trading at C$0.59 per share at 1:30 pm EDT.
