An initial six well Phase 1 drilling program has now been increased to seven wells, two of which, POE-6 and POE-7, are exploratory in nature and targeting new potential reserves as well as possible reserves previously defined by third party engineering. POE-6 and POE-7 are considered high impact and moderate risk by management with POE-7 being a new prospect defined from the 3D seismic survey completed in June 2006. Pan Orient has also increased its Phase 2 drilling plans to include a 15-20 well drill program targeting both existing possible reserves and new prospects defined from the recent 3D seismic program, all outside the area of existing production. Phase 2 drilling is currently scheduled to begin in late 2006, after completion of the first phase of drilling and receipt of required regulatory approvals.
In addition to an increased drilling program, the first attempt at production optimization within the Wichian Buri oil field has resulted in a significant increase in oil production from the WB-N4 well. Various other procedures will be undertaken over the next 30 days to further increase production levels from other existing wells, some of which have not produced to date.
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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