CALGARY (Yosefardi) – Pan Orient Energy Corp. will in first quarter of 2015 focus on the transfer of a 51% interest and operatorship of East Jabung PSC onshore Sumatra, to a subsidiary of Talisman Energy Inc. and finalizing the various Government of Indonesia approvals required.
Its activity during 2014 has been focused on completion of the seismic programs at East Jabung and Batu Gajah and on negotiating farmout arrangements for exploration drilling at the East Jabung, Batu Gajah and Citarum PSCs.
Capital expenditures in Indonesia were $5.8 million during the nine months of 2014, with $4.3 million in the first quarter, $0.7 million in the second quarter and $0.8 million in the third quarter.
On a year to date basis, there have been capital expenditures of $5.0 million at the East Jabung PSC principally related to completing the 440 kilometer 2D seismic program, $0.7 million at the Batu Gajah PSC associated with completion of the 400 square kilometer 3D seismic program and capitalized general and administrative expenses, and $0.1 million for equipment inventory.
Significant progress is made in the farm-out effort of the Citarum PSC onshore Java, Indonesia.