The Aztec #7 rig is currently rigging up on location L33-D, in the southwest corner of Pan Orient's northern concession L33/43. L33-D is an exploration well that must be drilled prior to July 11, 2007 in order to fulfill L33 concession work program obligations. The Company's second rig, the Aztec rig #14, is currently on location L44-G undergoing the final stages of refurbishment that are anticipated to take an additional two to three weeks. L44-G is located 7.3 kms north of Pan Orient's POE-9 discovery well located on the Na Sanun East oil field structure.
The current L44 concession gross oil production is approximately 1,400 barrels of oil per day (840 barrels of oil per day net to Pan Orient). Further production gains are anticipated with the installation of a new tubing pump on POE-9 and an ongoing multi-rig exploration and appraisal drilling campaign that will include an additional 24 wells through the remainder of 2007.
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