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Pan Orient Energy Fails to Find Hydrocarbons in Thailand's L53 Concession

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Pan Orient Energy Corp. (Pan Orient or the Corporation) provided Monday an update on drilling operations in Thailand.

Concession L53 Onshore Thailand (Pan Orient Operator and 100 percent Working Interest)

L53-A Central Exploration Well

The L53-A Central exploration well is currently being abandoned after failing to encounter commercial hydrocarbons. The well was vertical and drilled to a total depth of 3,169 feet (966 meters), reached March 2.

Thailand drilling is anticipated to recommence in approximately June 2014 with the drilling of the high impact L53-A North exploration prospect that was identified on a recently acquired 3D seismic survey. The environmental impact assessment (EIA) for the L53-A North well location, and a number of others, is currently under application with approval anticipated in May 2014 but subject to the possibility of similar delays that have been experienced in past EIA approvals.

The L53-A North prospect lies approximately 3.1 miles (5 kilometers) south of the PTT Exploration and Production operated U-Thong oil field. The disappointing drilling result of the L53-A Central prospect, located in the Kamphaeng Saen basin, is believed to have no bearing on the pre drill estimated chance of success for the L53–A North prospect, which is located in the separate Suphan Buri basin.

Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations located onshore Thailand, Indonesia and in Western Canada.

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