Pan Orient has contracted a second drilling rig, with a depth capacity of 2,000 meters, for the Company's operated onshore Thailand L44 and L33 drilling program. The term of the contract is for one year with options to extend the contract for further six month periods. "This second rig will provide the Company with increased flexibility in terms of targeting deeper horizons and accelerating the drilling program by either drilling two wells concurrently or using the smaller, lower cost rig for testing and completions" said Mr. Jeff Chisholm, Pan Orient's President and CEO.
The first well, of an initial 5 to 6 well back-to-back program, is anticipated to spud by July 1 and is based on a pre-existing 14 square km 3D seismic survey which has been reprocessed and interpreted over the last several months. These wells will be drilled within the area of current production, with the intent of substantially increasing existing production and reclassifying some of the Company's probable and possible reserves into proven and probable categories.
The second phase of the drilling program includes 15 to 20 wells that will be based on the newly acquired 245 square km 3D seismic survey that was successfully completed by Pan Orient using CGG (France) 3 days ago. Processing of the 3D is currently underway in Calgary, Canada, with second phase drilling scheduled to begin in late October, post monsoon.
On June 15, Mr. Spencer Lock will take up duties as Production Manager for Pan Orient Energy's Thailand operation, joining Mr. Ian Halstead (Pan Orient's recently appointed COO, also based out of Bangkok). Most recently, Mr. Lock was Production Manager for a large UK independent operator in Rajasthan, India where high pour point, high paraffin content crude, similar to onshore Thailand, is produced.
Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations currently located onshore Thailand and in Western Canada.
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