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Pan Orient Abandons Cataka-1A Exploration Well

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Canadian-based oil and gas exploration company Pan Orient Energy Corp. gave an update on its drilling operations in Indonesia and Thailand.

Indonesia Citarum PSC - (Pan Orient Operator, 97 Percent Working Interest)

Cataka-1A Exploration Well

The decision has made to abandon the Cataka-1A exploration well, which is located onshore Java, Indonesia, 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 analyzed 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, 100 Percent 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.

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