Source: Streetwise Reports 05/10/2019
This oil and gas firm’s latest news and future catalysts were covered in a Mackie Research Capital Corp. report.
In a May 8 research note, Mackie Research analyst Bill Newman reported that Pan Orient Energy Corp.’s (POE:TSX.V) four wells in the L53-DD field began stable production on April 27, 2019.
He highlighted that this latest development increased the company’s net production in Thailand to about 1,400 barrels of oil per day (1,400 bbl/d), more than quadruple the 2018 rate of 250 bbl/d.
The analyst provided further production test results from three of those producing wells.
L53-DD3 tested 570 bbl/d (285 bbl/d net) of 23.5 degree API oil from the DD/EE sands. “The well has been shut in to allow Pan Orient to test the BB sands in the well,” Newman noted, adding that the testing will begin soon.
L53-DD4 tested 729 bbl/d (365 bbl/d net) of 23.8 degree API oil from the BB/CC sands.
L53-DD1 tested 514 bbl/d (257 bbl/d net) of 23.5 degree API oil from a new zone, the top of the AA sand.
As for the fourth well, L53-DD2, the company restarted production from the BB/CC sands at about 883 bbl/d, or 442 net bbl/d.
Newman described what to expect from Pan Orient further out. In late July/early August 2019 in Thailand, the company plans to launch a four- or five-well exploration program, followed in late 2019/early 2020 by the start of another multiple well exploration program targeting the L53-DD field.
In Indonesia, Pan Orient will begin the approximate 31-day drilling of the Anggun-1X exploration well in August 2019 and if successful, follow with a subsequent appraisal well.
Mackie is bullish on Pan Orient, Newman concluded, for its “strong financial position, growing production base in Thailand and the high-impact exploration potential of the Anggun-1X exploration well in Indonesia.”
The research firm has a Buy rating and a $3.26 per share price target on Pan Orient Energy, whose stock is currently trading at around $1.85 per share.
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Disclosures from Mackie Research, Pan Orient Energy Corp., Update, May 8, 2018
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( Companies Mentioned: POE:TSX.V,
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