CALGARY (Yosefardi) – Pan Orient Energy Corp. spent capital expenditures of US$5 million during the first half of 2014, with $4.3 million in the first quarter and $0.7 million in the second quarter.
On a year to date basis, there have been capital expenditures of $4.5 million at the East Jabung PSC (Sumatra) related primarily to completing the 440 kilometer 2D seismic program, $0.4 million at the Batu Gajah PSC (Sumatra) related to capitalized general and administrative expenses, and $0.1 million for equipment inventory.
As disclosed on May 28th, Pan Orient has received a number of proposals from potential farminees with regard to obtain of an up to 50% working interest in East Jabung PSC.
The Company is currently in negotiations on a non-exclusive basis regarding the potential farm-out of an up to 40% working interest in the Batu Gajah PSC.
Pan Orient continues to operate a data room for potential farmin parties and is seeking a 50% partner. This process continues to proceed.