Pan Orient Energy Corp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013
Nov 14 13
Pan Orient Energy Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported oil revenue, before royalties and transportation expense of CAD 7,379,000 against CAD 7,808,000 a year ago. Funds flow from operations was CAD 4,797,000 or CAD 0.08 basic and diluted per share against CAD 3,348,000 or CAD 0.06 basic and diluted per share a year ago. Net loss attributable to common shareholders was CAD 3,109,000 or CAD 0.05 basic and diluted per share against net income attributable to common shareholders of CAD 1,626,000 or CAD 0.03 basic and diluted per share a year ago. Capital expenditures were CAD 17,649,000 against CAD 12,021,000 a year ago.
For the six months, the company reported oil revenue, before royalties and transportation expense of CAD 23,316,000 against CAD 45,964,000 a year ago. Funds flow from operations was CAD 16,998,000 or CAD 0.30 basic and diluted per share against CAD 28,982,000 or CAD 0.51 basic and diluted per share a year ago. Net loss attributable to common shareholders was CAD 100,445,000 or CAD 1.77 basic and diluted per share against net income attributable to common shareholders of CAD 85,783,000 or CAD 1.51 basic and diluted per share a year ago. Capital expenditures were CAD 91,136,000 against CAD 57,472,000 a year ago.
Pan Orient Energy Corp. Provides Operations Update
Oct 3 13
Pan Orient Energy Corp. provided an update on operations in Thailand, Indonesia and Canada. Concession L53 Onshore Thailand (Pan Orient Operator and 100% Working Interest): Thailand Oil Production: Oil sales averaged 1014 BOPD in September and 1026 BOPD over the past 30 days. Current production is 1,035 BOPD with an additional approximately 150 BOPD shut-in (60 BOPD at L53-A1 due to a failed pump and 90 BOPD at L53-G3ST1 due to expiry of a 90 day production test period). On September 5, approval was received to turn the L53-G2 well back on for a second 90 day test period that will expire on December 6, 2013. One pump change out, one pump replacement and two new zone perforations are planned on existing L53 wells between now and year end with timing subject to well performance and equipment availability. L53 Operations: On September 27, Environmental Impact Assessment (EIA) approval was received for eight surface locations with four wells per location (thirty two wells total). Three of these approved surface locations are over the high impact L53 A Central prospect allowing the possibility to drill the well by year end 2013, depending on rig availability. On September 9 the L53-G production EIA was submitted with approval anticipated sometime between December 2013 and January 2014. On August 13 the production license application for the L53-G discovery was submitted with approval anticipated in November 2013. Both production EIA and production license approval are required to commence long term production that is not subject to 90 day test periods. Work is currently underway on the EIA applications for six surface locations on L53 and two surface locations on L45 with submission anticipated in November 2013. Two of the L53 surface locations are over the highly prospective A North prospect located in the northern portion of L53 that was identified on the new 3D seismic acquired in 2013. Tentative plans are for the drilling of the A North prospect and one well in L45 in late Second Quarter 2014. Canada Operations: Sawn Lake Heavy Oil Project (Andora Energy (owned 71.2% by Pan Orient) 50% & Operator): The demonstration project at Swan Lake has started with an initial phase consisting of one SAGD well pair, a facility for steam generation, water handling and oil treating, and water source and disposal facilities with an estimated gross cost of $24.1-million. The wells will be drilled to a true vertical depth of approximately 650 meters and have a horizontal length of 750 meters. Work is about to commence with the drilling of the horizontal wells and completion is anticipated by the end of October 2013. Steam operations are anticipated to commence in early December, 2013 with first oil production anticipated in the first quarter of 2014. Indonesia Operations: Batu Gajah PSC (Pan Orient 77% and Operator): Field acquisition has just been completed on 400 square kilometres of 3D seismic acquired over the Raka, Takar, Rafa and western prospect areas. Processing and mapping of the 3D data is anticipated to be completed by year end. The portion of the 3D at Takar and Raka is targeting gas and oil down dip of zones that tested or sampled gas in the 1980's at a time when there was a very poor domestic gas market and infrastructure in this region. Structural/stratigraphic closures are large in this area with seismically mapped maximum areal extents between 25 and 32 square kilometers. The 3D in western region is following up on 350 feet of dead oil shows encountered in shallow sands in the unsuccessful Shinta-1 well.
Pan Orient Energy Corp. Announces Board Changes
Sep 17 13
Pan Orient Energy Corp. announced that Mr. Paul Wright has resigned from the board of directors of the company. Mr. Wright was the Chairman of the Audit Committee of the company. Mr. Michael Hibberd, an independent director of Pan Orient since 2005, is resuming the role of Chairman of the Audit Committee, a position that he previously held with Pan Orient.