Source: Streetwise Reports 11/21/2018
A Mackie Research Capital Corp. report provided an update on this firm’s wells in Thailand and Indonesia.
In a Nov. 12 research note, Bill Newman, an analyst with Mackie Research Capital Corp., reported that Pan Orient Energy Corp.’s (POE:TSX.V) follow-up L53-DD2 appraisal well in Thailand encountered about 32 meters (32m) of net oil pay.
L53-DD2, drilled to about 26m updip from the L53-DD1 discovery well, hit oil within four sandstone zones between 1,044 and 1,105m of true vertical depth, Newman reported.
The start of production testing on both the L53-DD1 and L53-DD2 wells is expected soon, with initial results coming out seven to 10 days afterward. These two wells “have the potential to add material production that could fully fund an expanded drilling program in 2019,” the analyst highlighted.
“The big potential upside for investors is the Anggun-1X exploration well,” Newman stated, commenting on Pan Orient’s announcement that the Anggun-1X exploration well is expected to spud in Q2/19. Drilling of Anggun-1X will require 30 days. If results are positive, Pan Orient will begin testing right away. The total dry hole cost is $15.4 million, and the company’s portion, based on its 49% interest, is $7.55 million.
Mackie Research maintains its Buy recommendation and $3.25 per share target price on Pan Orient on its “strong financial position and high-impact exploration potential in Indonesia,” Newman indicated. Pan Orient’s stock is currently trading at around ~$1.50 per share.
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Disclosures from Mackie Research, Pan Orient Energy Corp., Update, November 12, 2018
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