CALGARY (Yosefardi) – Pan Orient Energy Corp. booked net loss of $100.4 million in first nine months of this year, largely resulted from the $104.2 million write-down of exploration and evaluation assets associated with the Citarum and South CPP Production Sharing Contracts (PSC’s) in Indonesia.
For this write-down, $99.6 million was recorded in the second quarter of 2013 and a further $4.6 million was recorded in the third quarter of 2013 primarily relating to costs incurred to complete drilling operations of the Cataka-1A well in July.
Pan Orient has conducted significant exploration activities in Indonesia during the first three quarters of 2013 with exploration drilling at the Batu Gajah and Citarum PSC’s and seismic programs at the Batu Gajah, South CPP and East Jabung PSC’s to evaluate exploration potential.
During the first nine months of 2013 capital expenditures in Indonesia have been $48.3 million with $15.2 million at the Citarum PSC, $26.6 million at the Batu Gajah PSC, $4.5 million at the South CPP PSC and $2.0 million at the East Jabung.
For the first nine months of 2013, capital expenditures were $22.9 million for exploration drilling, $21.7 million for seismic programs, $2.9 million for capitalized general and administrative expenses, and $0.8 for other exploration expenses.
As at September 30, 2013 estimated commitments for Indonesia PSC’s to October 2015 were $14.0 million for the Batu Gajah, Citarum and East Jabung PSC’s.