Pan Orient Begins 6-Well Program in Wichian Buri Field
Pan Orient Energy reports that the Aztec International rig #7 is currently drilling ahead at 35 meters depth, to a planned total depth of 1,310 meters, on the Pan Orient Energy (Thailand) operated POE-2 well located onshore Thailand, concession L44/43. POE-2 is anticipated to take a total of 12 days to drill and case to total depth and will be targeting the proven and currently producing "F" sand in addition to the deeper, untested "G" sand reservoirs. Based on the December 31, 2005 NI51-101 compliant reserve report issued by Gaffney Cline and Associates, the POE-2 well has the potential to convert 2.35 million barrels of possible recoverable reserves into proven and probable reserves in the "G" sand reservoir alone.
POE-2 is the first of a planned 6 well program to be completed by late August to early September 2006. Five wells will be drilled within the current Wichian Buri and Wichian Buri North producing areas targeting initial production of 100 to 150 bbl/d per well. A sixth well (POE-6), will be targeting a large, separate fault block that if successful, would vastly increase proven and probable reserves.
In addition to the current drilling activities detailed above, work is proceeding on a 15 to 20 exploration and appraisal well program anticipated to commence in early November 2006, post the monsoon period.
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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