Press release from Marketwire
Pan Orient Energy Corp. : Cataka-1A Well Update
Tuesday, July 30, 2013
Pan Orient Energy Corp. : Cataka-1A Well Update08:30 EDT Tuesday, July 30, 2013
CALGARY, ALBERTA--(Marketwired - July 30, 2013) - Pan Orient Energy Corp. (TSX VENTURE:POE)
Indonesia Citarum PSC - (Pan Orient Operator and 97% Working Interest)
Cataka-1A Exploration Well
The decision has made to abandon the Cataka-1A exploration well before reaching its Paragi Limestone primary objective. The well encountered numerous intervals of severely tectonically fractured shale that were highly unstable, particularly in this directionally drilled deviated well bore. The company believes that to continue drilling would not be prudent given the difficulties encountered to date and the low probability of reaching the final objective.
The data gathered from the Cataka-1A well will be analysed over the coming weeks and the company will initiate farm-out process seeking a partner for the Citarum Production Sharing Contract which possesses an attractive large cost recovery pool, good fiscal terms for natural gas and significant prospectivity within a region of existing infrastructure and a large deficit of natural gas supply relative to demand.
Thailand - Concession L53 (Pan Orient Operator and 100% Working Interest)
The company will issue an operations update covering the recently completed onshore Thailand Concession L53 drilling program within the next few weeks, at which time testing will have commenced on the recently drilled L53-G1 well and testing completed on three other wells in the recent program.
Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations located onshore Thailand, Indonesia and in Western Canada.
Readers are cautioned that well test results are not necessarily indicative of long-term performance or of ultimate recovery.
This news release contains forward-looking information. Forward-looking information is generally identifiable by the terminology used, such as "expect", "believe", "estimate", "should", "anticipate" and "potential" or other similar wording. Forward-looking information in this news release includes, but is not limited to, references to: well drilling programs and drilling plans, estimates of reserves and potentially recoverable resources, and information on future production and project start-ups. By their very nature, the forward-looking statements contained in this news release require Pan Orient and its management to make assumptions that may not materialize or that may not be accurate. The forward-looking information contained in this news release is subject to known and unknown risks and uncertainties and other factors, which could cause actual results, expectations, achievements or performance to differ materially, including without limitation: imprecision of reserve estimates and estimates of recoverable quantities of oil, changes in project schedules, operating and reservoir performance, the effects of weather and climate change, the results of exploration and development drilling and related activities, demand for oil and gas, commercial negotiations, other technical and economic factors or revisions and other factors, many of which are beyond the control of Pan Orient. Although Pan Orient believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Pan Orient Energy Corp.
Jeff Chisholm, President and CEO
(located in Bangkok, Thailand)
Vice President Finance and CFO