NS-3 is the first of up to four wells targeting five potential oil-bearing volcanic intervals within an independent fault block located immediately west of the POE-9 oil discovery, which was announced in January 2007. It is anticipated that NS-3 will take approximately 12 days to drill to total depth. The NS-3 well is the first in a 2007 drill program that includes up to 37 wells on Pan Orient's three onshore Thailand concessions comprising 3 million acres. Pan Orient has two drilling rigs under long-term contract.
NS-3 is located 1.4 kilometers south of the original Na Sanun-1 ("NS-1") oil discovery made in 1994 by a previous operator. NS-1 flowed oil to surface at rates of 1,400 bbl/d from perforations over a single volcanic reservoir interval before going to 100% water within a very brief period. Cement bond logs run in NS-1 indicate that the cementing operations were unsuccessful, with no cement bond over an interval of approximately 466 meters, straddling both the productive zone as well as a deeper, fractured volcanic interpreted as water bearing from open hole logs. It is interpreted that the early watering out of NS-1 is not indicative of the oil potential of the Na Sanun structural closure.
POE-9, located in the immediately adjacent fault block, continues to produce from the single tested volcanic interval at rates currently averaging approximately 330 bbl/d, with a 0.05% water cut, with rates restricted by wax formation within the annulus. A recently competed third party analysis of an oil sample from POE-9 indicates an oil quality superior to Wichian Buri oils with a gravity of 35.5 degrees API and a wax content of 15% versus 29.5 degrees API and 25-42% wax content. Both crude oils have a very low sulfur content. An extended drill program into the POE-9 fault block is scheduled to begin in late April, upon arrival of the second drilling rig.
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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