Canada-listed oil and natural gas company Pan Orient Energy Corp. (Pan Orient or the Corporation) provided Monday an update on operations in Thailand.
Concession L53 Onshore Thailand (Pan Orient Operator and 100 percent Working Interest)
Thailand Oil Production
Oil sales averaged 534 barrels of oil per day (bopd) in January and 522 bopd over the past 30 days. Current production is 558 bopd with an additional approximately 530 bopd shut-in (total current production capacity of 1,088 bopd) until the approval of the L53-G production Environmental Impact Assessment (EIA) now anticipated in late-February 2014, an approximate one month delay from the previous estimate. The current daily production rate is 132 bopd less than the 690 bopd reported on Dec. 18, 2013 is mainly due to the end of flush production from the work over at the L53-A1 well.
Oil sales averaged 963 bopd in the fourth quarter of 2013 and reflects the shut-in of wells in the L53-G field at the end of their respective testing periods (L53-G3ST1 which was producing approximately 80 bopd when shut-in Sept. 12, L53-G4 which was producing approximately 40 bopd when shut-in Nov. 15 and L53-G2 which was producing approximately 410 bopd when shut-in on Dec. 6).
An additional approximately 3,600 barrel of oil is currently in inventory due to the increased cycle time required to get this heavier oil to water cut specifications of the refinery. Upon approval of the L53-G production EIA, a large volume of light oil will be available to blend with the heavier oil and allow the inventory to be sold during the first month at an estimated 100 bopd.
One well work over was conducted in December 2013 that was unsuccessful in a zone with no reserves attributed to it, and a second originally planned work over was deferred.
On Sept. 9, 2013 the L53-G production EIA was submitted with approval now anticipated in late-February 2014. On Aug. 13, 2013 the production license application for the L53-G discovery was submitted and was approved on Jan. 13. Both production EIA and production license approvals are required to commence long term production that is not subject to 90 day test periods.
Location construction has been completed at the L53 "A" Central site and a rig contract has been signed with drilling of this potentially high impact prospect anticipated to commence in late February and take approximately fourteen days to reach total depth.
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