Pan Orient Flows Successfully at NSE-A3 Well



Pan Orient Energy Corp. (60% WI & Operator) reported that the NSE-A3 horizontal well is free flowing oil from the main volcanic reservoir within the NSE central fault compartment at a stabilized rate of approximately 2,250 bopd with 0.1% water cut and choke settings/surface flowing pressures of 42/64" at 120 psi on the tubing and 24/64" at 130 psi on the casing.

The NSE-A3 horizontal appraisal well was drilled to a total measured depth of 897 meters, penetrating the top of the main volcanic target at a depth of 755 meters TVD at a location approximately 420 meters due north of the NSE-A1 surface location. A 60 meter horizontal section was drilled within the upper 6 meters of the approximately 180 meter thick main volcanic. On July 17, Pan Orient announced a 1,245 bopd discovery of a new upper volcanic/volcanic clastic reservoir in its NSE-A1 well. This newly discovered productive zone at NSE-A1 was also encountered in NSE-A3, and drilled though, exhibiting high mud gas readings and good oil shows.

L44-C Vertical Appraisal Well (60% WI & Operator)

The L44-C vertical appraisal well is currently drilling ahead at a depth of approximately 1,000 meters through and towards multi-zone objectives within the F and G sandstones and a deeper "WB-1" volcanic at a location 1.15 kilometers north of the POE-6 oil discovery and within the POE-6 fault compartment. Oil shows and elevated mud gas readings have been observed at a number of stratigraphic levels while drilling. The WB-1 "Deep" volcanic reservoir is anticipated to be encountered at a depth of approximately 1,250 meters.

L44-C is part of a multi-well appraisal program that is intended to define the potential of sandstone and volcanic reservoir targets in the up dip portion of the POE-6 and Wichian Buri fault compartments for future vertical and horizontal infill drilling. L44-C drilling is anticipated to be completed within approximately 10 days.

NSE-A4 New Horizontal Appraisal Well (60% WI & Operator)

The NSE-A4 horizontal appraisal well is currently drilling ahead at a depth of approximately 120 meters towards the top of the main volcanic reservoir objective at a subsurface location approximately 350 meters northeast of the NSE-A drilling pad, within the NSE central fault compartment. Drilling is anticipated to be completed within approximately 14 days.

SUMMARY

The high deliverability NSE-A3 flow rates, combined with the new zone discovery at NSE-A1  announced one week ago, provide an exceptional start to the main NSE central fault compartment development that is now underway. The multi-well drill pad containing NSE-A1, NSE-A3, and NSE-A4 was the first of its kind in Pan Orient's development plan. There is currently one additional multi-well drill pad where construction has been completed, three additional multi-well drill pads that are under construction plus another three multi-well drill pads where the land has been purchased and construction is about to commence.


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