CALGARY (Yosefardi) – Pan Orient Energy Corp. plans an active drilling program in 2014 in Indonesia that will target some potentially very large prospects where success on any one could materially transform the company.
Pan Orient possesses a geographically and technically diverse portfolio of high quality, high impact exploration and production opportunities that have been steadily progressed through seismic data acquisition, drilling and corporate acquisitions.
In the past few months, the company have seen partial validation of belief in the underlying value of some of these assets including the Batu Gajah PSC, through a discovery made on adjacent acreage.
For Batu Gajah PSC (Pan Orient 77% and Operator), field acquisition has just been completed on 400 square kilometres of 3D seismic acquired over the Raka, Takar, Rafa and western prospect areas.
Processing and mapping of the 3D data is anticipated to be completed by year end.
As indicated by recent press releases made by the Singapore listed operator of the Lemang PSC (directly adjacent to and west of a retained portion of POE’s Batu Gajah PSC), significant hydrocarbons have been encountered in two wells, one located approximately 175 meters west from the Lemang/Batu Gajah PSC boundary and another approximately 500 meters west of the shared boundary.
Meanwhile field acquisition of the 430 line kilometres of 2D seismic at East Jabung is underway and expected to be completed in January 2014. Processing mapping of this data will follow two to three months later
Pan Orient is currently seeking to farm out a portion of the company’s interests in the Batu Gajah, East Jabung and Citarum PSC’s. Initial response has been strong from a wide range of companies. It is expected that farmout activities will extend into early 2014 and be followed by drilling in mid 2014, subject to a number of variables.