Pan Orient Energy

Latest Pan Orient Energy News

• It is expected that net proceeds after costs and income tax will be approximately USD $162 million.

• 2011 reserves were mainly impacted by the reduction in recovery factors for all of the volcanic reservoir fields.
• Production guidance for 2012 was set at the beginning of 2012 to average 2,500 BOPD.

• Test flowing 38 API degree oil at a rate of 1,200 barrels per day through 8.8 meters of perforations between 1,142.7 meters to 1,163.2 meters true vertical depth.

• The oil sands project at Sawn Lake Alberta as at December 31, 2011 was evaluated by Sproule.
• Sawn Lake "Best Case" contingent resources of 214.2 million barrels attributed to Andora's working interests.
• There is no change from the estimate of contingent resource volumes as at December 31, 2010 prepared by Sproule.

• The decision has been made to junk and abandon the Cataka-1 exploration well at a depth of approximately 400 meters TVD, 1,500 meters above the primary reservoir objective due to severe drilling difficulties.

• Pan Orient is pleased to announce that the L53-D2 exploration well is currently on 90 day production test flowing 27 API degree oil.

• Sound Oil operator of the Citarum PSC located on Java Indonesia in which Sound Oil has a 20% interest.
• Surface casing has been set on both wells utilizing a service rig and drilling rig mobilization on to the Cataka 1 location is planned to commence on November 26th with drilling to commence in early to mid-December.

• NSE-F6 Development Well currently on production at a rate of approximately 1,000 BOPD gross
• L44-G2ST2 appraisal well suspended for future sidetrack after recovering oil at sub commercial rates, with no water
• All forestry, environmental and AFE approvals in place for a two well exploration program with the Tuba Obi Utara-2 (NTO-2) well and the Shinta-1 well
• Successfully bids for the East Jabung PSC

• SE Tiung-1 well to be plugged and abandoned at a true vertical depth of 5,973 feet due to water bearing sands
• Secondary objective of the Gumai and Upper Talang Akar formation are also confirmed as being water bearing
• Preliminary approval received for three additional wells planned for the Batu Gajah PSC later in 2011

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