Thursday, February 10, 2011

Pan Orient increases South East Asia drilling budget


Pan Orient, an Alberta based oil and gas exploration and production company, will shell out more this year on its exploration and production activities in South East Asia. According to its 2011 Capital Program and Operations Update, the Company is planning to spend around C$71 million as against its 2010 capital budget of about C$67 million.

Highlights:
  • Firm capital program of $71 million allocated $44 million to Thailand and $27 million to Indonesia
  • Thailand drilling program to include 37 wells comprised of 11 exploration wells and 26 development or appraisal wells intended to grow current production for average 2011 oil sales of 5,000 to 6,000 BOPD
  • Indonesia drilling program to include 6 high impact exploration wells, commencing in mid March 2011 with three wells at Batu Gajah

Thailand
  • Block L33/44 (60% & Operator): Two 2010 oil discoveries at early stage appraisal
  • Block L44/43 (60% & Operator): 3 fields including 1 2010 multi-zone oil discovery at early stage development. Active early 2011 exploration program
  • Block L53/48 (100% & Operator): L53-A oil discovery at early stage appraisal. First appraisal well L53-A1 currently drilling and  L53-C exploration well about to test   

Indonesia
  • South CPP PSC (90% & Operator): 250 kms 2D Seismic 2011 – 1 well 2012
  • Batu Gajah PSC (90% & Operator):3 exploration wells in Q1/11 targeting mid case prospective resources of 109MM bbl and 429 Bcf gas (net POE)
  • Citarum PSC (69% & Operator): 3 exploration wells in Q3/11 targeting 966 Bcf gas (net POE)   

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