CALGARY (Yosefardi) – Pan Orient Energy Corp. spent capital expenditures of $53.0 million in Indonesia during 2013.
It spent $16.6 million at the Citarum PSC, $27.4 million at the Batu Gajah PSC, $4.5 million at the South CPP PSC and $4.5 million at the East Jabung.
Capital expenditures during the year were $24.3 million for exploration drilling, $24.2 million for seismic programs, $3.7 million for capitalized general and administrative expenses, and $0.8 for other exploration expenses.
Pan Orient has conducted significant exploration activities in Indonesia during 2013 with exploration drilling at the Batu Gajah and Citarum PSCs and seismic programs at the Batu Gajah, South CPP and East Jabung PSCs to evaluate exploration potential.
Pan Orient possesses a diverse portfolio of exploration prospects in Indonesia and the decision was made in mid-2013 to continue exploration of the Batu Gajah, East Jabung and Citarum PSCs through farm-out arrangements.
During the past eight months the Company has completed a 400 square kilometer seismic program at The Batu Gajah PSC and a 430 kilometer 2D seismic program at East Jabung PSC in conjunction with the farm-out process.
Pan Orient intends to continue exploration at the East Jabung, Batu Gajah and Citarum PSCs through farm-out arrangements.
Pan Orient’s is seeking to farm-out a 40% interest in Batu Gajah PSC, a 50% interest in East Jabung PSC and a 50% interest in Citarum PSC.