NS-4 reached a peak rate of 950 bbl/d that stabilized at 780 bbl/d prior to being restricted. The current 686 bbl/d rate is on choke settings of 10/64" on the annulus and 24/64" on the tubing. Flowing casing head pressure is 285 psi and flowing tubing head pressure is 80 psi. There has been little recovery of the more than 3,400 barrels of drilling fluid that was lost to the formation during drilling operations.
NS-4 penetrated the top 39 meters of the first target volcanic reservoir interval at a depth of approximately 952 meters. Severe lost circulation in the upper portion of the first target volcanic zone necessitated early termination of drilling prior to evaluating at least four deeper volcanic targets. The most recent Gaffney Cline and Associates 2006 year end Thailand reserve report attributed no reserve volumes of any category to the Na Sanun structure.
The Aztec #7 rig has moved off location and is currently drilling ahead on the next well, NS-1RD, approximately 800 meters north of NS-4 and within the same fault compartment. Drilling is anticipated to take 10-12 days to completion. Based on the exceptional results from NS-4, the joint venture is considering adding two more Na Sanun appraisal locations that would be in addition to the 5 initially planned and scheduled. A second Aztec rig is anticipated to commence drilling operations in approximately two to three weeks with mobilization starting this week from northeast Thailand.
Pan Orient CEO Jeff Chisholm stated: "NS-4 is the best well we have drilled in the L44 concession to date, and the production rates announced today are exceptional for a shallow onshore well drilled and completed with a "slim hole" design. We have evaluated only one of the five potential volcanic zones within the Na Sanun structural closure and have yet to start appraisal drilling on the Na Sanun East (POE-9) discovery made earlier this year. 2007 is an active year with a remaining 25 well drilling program just underway and two 3D seismic surveys, the first of which starts acquisition shortly. In addition, Pan Orient is actively pursuing new venture opportunities within the focus areas of Thailand, Indonesia, India and China."
Pan Orient has also released it financial statements and management's discussion and analysis for its first quarter ended March 31, 2007, which can be found online at www.sedar.com.
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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