Exploration & Production | Operational Updates | Drilling Program
Pan Orient Updates Joint Developments in Asia-Pacific
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Pan Orient Energy Corp. has provided an operational update.
On November 5, 2014 Pan Orient Energy Corp. had announced it had entered into an agreement for the sale of a 50-per-cent equity interest in subsidiary Pan Orient Energy (Siam) Ltd. to a wholly owned subsidiary of Sea Oil Public Company Limited, of Thailand, for a cash price of USD $42.5 million, including a working capital adjustment of USD $2.4 million.
On February 2, 2015 Sea Oil and Pan Orient have satisfied the conditions to closing.
The first of a three well drilling program on Concession L53 is anticipated to commence in approximately two weeks, with the first well targeting the high impact L53-A North Central prospect (ANC-1). ANC-1 will be targeting one of six structural closures defined on…
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