CALGARY (Yosefardi) – Pan Orient Energy Corp. has spent its capital expenditure (capex) of US$16.6 million in Indonesia during second quarter of this year.
During the first six months of 2013 capital expenditures in Indonesia were $35.1 million with $11.2 million at the Citarum PSC, $18.2 million at the Batu Gajah PSC, $4.5 million at the South CPP PSC and $1.2 million at the East Jabung.
For the first six months of 2013, capital expenditures were $18.9 million for exploration drilling, $13.1 million for seismic programs, $2.3 million for capitalized general and administrative expenses, and $0.8 for other exploration expenses.
Pan Orient suffered net loss of $97.7 million, or $1.73 per share, in second quarter of this year, compared with net income of $0.3 million, or $0.01 per share, for the first quarter of 2013 and $79.3 million, or $1.40 per share, for the second quarter of 2012.
The net loss in the second quarter of 2013 resulted from a $99.6 million write-down of exploration and evaluation assets associated with the Citarum and South CPP Production Sharing Contracts (“PSC’s”) in Indonesia.
In July 2013 Pan Orient announced that at Citarum PSC the Company was discontinuing drilling and initiating a farm-out process to seek a partner to continue exploration, and the Company intends to relinquish the South CPP PSC after review of the recent seismic data acquired.
Pan Orient has conducted significant exploration activities in Indonesia during the first half 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.