Pan Orient Notes Production Testing Progress at L53 Appraisal

Pan Orient Energy Corp. announced that the L53-DC3 appraisal well is currently on a 90 day production test producing 15 degree API oil by electrical submersible pump at a rate of approximately 160 barrels of oil per day with an 8 percent water cut, interpreted to be mainly completion brine based on the high salinity. Production is from perforations across 15 meters (true vertical thickness) of oil pay in the "A1" and shallower "HO" sands. The top and base of perforations are 512 and 547 meters true vertical depth respectively.

The well also encountered five meters of interpreted likely oil pay in the deeper "A3" sand and three meters of possible oil pay in the "A2" sand. Porosities in all these shallow sands average between 22 to 29 percent.

Further drilling will be required to define the full extent of the L53-DC3 new pool accumulation.

The L53-DC3 well was drilled to a total measured depth of 1,050 meters (654 meters true vertical depth) from the L53-DC well pad targeting the structurally highest fault compartment in the L53-D East field which had been previously untested. The deeper "A4" to "A6 Upper" sands remain yet to be penetrated by any well in this highest fault compartment and will be the focus of future drilling.

The results at L53-DC3 have demonstrated the ability to test relatively heavy oil from very shallow depths at commercial rates. Where earlier exploration and appraisal drilling in the L53-D East field had focused almost exclusively on the deeper "A5" to "A8" and "C" sands, drilling at L53-DC1, L53-2 and L53-3 has highlighted the potential of the "HO" and "A1" to "A4" shallow sands resulting in the recognition of the significant remaining potential in at least four undrilled fault compartments that form part of the L53-D East cluster.

L53-G3 and L53-G3ST1 Appraisal Wells

The L53-G3 appraisal well was drilled to test a fault sliver in the southernmost region of the L53-G structural closure that in the success case would have substantially increased the southern extent of the accumulation discovered in the L53-G2 well. The well failed to encounter oil in commercial quantities at any of the four potential sandstone intervals.

The L53-G3ST1, the second appraisal well to the L53-G2 oil discovery, has just completed drilling to a measured depth of 1,500 meters (1,250 meters true vertical depth) at a subsurface location approximately 350 meters south of the L53-G2 oil discovery, and is currently logging. The primary objective of the well is to evaluate the deep "K40-D" sands that were observed in the L53-G2 discovery well but never tested, in addition to the "K40-B", "K40-C" and "K40-A" sands.


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