Pan Orient Weighing Options for Na Sanun-4
The Na Sanun-4 appraisal well, located 500 meters north of Na Sanun-3 in Thailand, has penetrated the top of the first of five potential volcanic reservoir intervals at a depth of approximately 952 meters. Severe lost circulation was encountered within the top 5 meters of this first volcanic zone due to the highly fractured and porous nature of the reservoir. Significant quantities of crude oil have been recovered at the surface due to reduction of the mud weight as a result of gas influx into the well and "gas-cutting" of the drilling mud. After initially regaining circulation, severe mud losses were once again encountered while drilling down to 993 meters.
Pan Orient management is very encouraged by these initial indications of reservoir development and hydrocarbons in the top 41 meters of the main target zone at NS-4. Due to the severity of the lost circulation, the company is assessing the possibility of setting casing and immediately testing the well.
The Pan Orient board of directors has made the decision to cancel the grant of stock options announced on May 11, 2007, due to the timing of the subsequent events defined above.
Pan Orient is a Calgary-based oil and gas exploration and production company with operations currently located onshore Thailand and in Western Canada.
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