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Pan Orient Awaits Indonesian Approval; Testing L-53
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Pan Orient Energy Corp. has reported 2014 year-end and fourth quarter consolidated financial and operating results. Please note that all amounts are in Canadian dollars unless otherwise stated and BOPD refers to barrels of oil per day net to Pan Orient unless otherwise stated.
Commenting today on Pan Orient's 2014 results, President and CEO Jeff Chisholm stated: "Because of a series of initiatives undertaken by management in 2014 to de-risk the Company's portfolio and reduce future capital commitments, including the sale of a 50% interest in Thailand Concession L53, the Company is currently in the enviable position of being cash and opportunity rich."
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