2017 First Quarter Financial & Operating Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 05/18/17 -- Pan Orient Energy Corp. ("Pan Orient") (TSX VENTURE: POE) reports 2017 first quarter consolidated financial and operating results. Please note that all amounts are in Canadian dollars unless otherwise stated and BOPD refers to barrels of oil per day.
The Corporation is today filing its unaudited consolidated financial statements as at and for the three months ended March 31, 2017 and related management's discussion and analysis with Canadian securities regulatory authorities. Copies of these documents may be obtained online at or the Corporation's website, .
Commenting today on Pan Orient's 2017 first quarter results, President and CEO Jeff Chisholm stated: "Despite the recent weather related delay to the commencement of drilling of the AYU-1X exploration well at the East Jabung PSC in Sumatra, Indonesia, significant progress has been made towards the drilling of this prospect with the access road completed in March and the first phase of rig mobilization started on May 8th".
2017 FIRST QUARTER HIGHLIGHTS
2017 FIRST QUARTER OPERATING RESULTS
OUTLOOK
INDONESIA
East Jabung PSC, Onshore Sumatra Indonesia (Pan Orient 49% ownership & Non Operator)
Drilling of the AYU-1X exploration well, the first exploration well at the Anggun prospect of the East Jabung PSC, is now estimated to commence approximately late in the second quarter of 2017. The results of the AYU-1X exploration well will have a significant impact on Pan Orient's future strategy, which will be addressed upon completing analysis after the drilling of the AYU-1X well.
THAILAND
Concession L53 Onshore (Pan Orient Energy (Siam) Ltd., in which Pan Orient has 50.01% ownership)
The 2017 Thailand capital program will include one exploration well in approximately the third quarter of 2017 and well work-overs throughout the remainder of the year.
CANADA
Sawn Lake (Operated by Andora, in which Pan Orient has a 71.8% ownership)
Pan Orient continues to move forward with long lead time steps towards potential future development at Sawn Lake. It is recognized that the need for stable crude oil prices, and specifically higher Western Canada Select reference prices, will have a significant impact on any decision regarding the timing and extent of future development. The first steps will be receiving approval for the Sawn Lake expansion and completing detailed engineering for Andora's proprietary Produced Water Boiler.
Corporate
Pan Orient continues to maintain a strong cash balance denominated mainly in United States dollar deposits that will allow the Company to conduct key exploration and development activities and ensure financial flexibility. During 2017, Pan Orient will continue to review its worldwide exploration and development asset portfolio with the aim of maximizing corporate value and the best allocation of its significant financial resources. These activities range from the potential divestment of existing assets to the ongoing screening of new venture and corporate opportunities.
Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations currently located onshore Thailand, Indonesia and in Western Canada.
This news release contains forward-looking information. Forward-looking information is generally identifiable by the terminology used, such as "expect", "believe", "estimate", "should", "anticipate" and "potential" or other similar wording. Forward-looking information in this news release may include, but is not limited to, references to: renewal, extension or termination of oil concessions and production sharing contracts; other regulatory approvals; well drilling programs and drilling plans; the benefits of patented technology; estimates of reserves and potentially recoverable resources, information on future production and project start-ups; potential purchases of common shares under the normal course issuer bid; and sufficiency of financial resources. By their very nature, the forward-looking statements contained in this news release require Pan Orient and its management to make assumptions that may not materialize or that may not be accurate. The forward-looking information contained in this news release is subject to known and unknown risks and uncertainties and other factors, which could cause actual results, expectations, achievements or performance to differ materially, including without limitation: imprecision of reserve estimates and estimates of recoverable quantities of oil, changes in project schedules, operating and reservoir performance, the effects of weather and climate change, the results of exploration and development drilling and related activities, demand for oil and gas, commercial negotiations, other technical and economic factors or revisions and other factors, many of which are beyond the control of Pan Orient. Although Pan Orient believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Pan Orient Energy Corp.
Jeff Chisholm
President and CEO (located in Bangkok, Thailand)
Pan Orient Energy Corp.
Bill Ostlund
Vice President Finance and CFO
(403) 294-1770, Extension 233
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Datum: 18.05.2017 - 12:30 Uhr
Sprache: Deutsch
News-ID 542928
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Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
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