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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pan Orient Energy Corp | TSXV:POE | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.21 | 1.19 | 1.24 | 0 | 01:00:00 |
CALGARY, ALBERTA--(Marketwired - Apr 10, 2014) - Pan Orient Energy Corp. (TSX-VENTURE:POE) announced the results of its December 31, 2013 independent reserves evaluation for Thailand on-shore Concession L53/48 where Pan Orient is the operator and has a 100% working interest. Please note that all amounts are in Canadian dollars unless otherwise stated and BOPD refers to barrels of oil per day. Company gross reserves reported represent Pan Orient's working interest share of production and reserves before deduction of royalties.
The evaluation for the Thailand assets as at December 31, 2013 was conducted by Sproule International Limited of Calgary ("Sproule") and was prepared in accordance with Canadian Securities Administrators National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.
Thailand Reserves Summary:
Summary of Thailand Crude Oil Reserves as of December 31, 2013, as provided by Sproule | |
Reserves - Company Gross (thousands of barrels) | |
Proved | 621 |
Probable | 888 |
Total Proved plus Probable | 1,509 |
Summary of Thailand Crude Oil Proved plus Probable Reserves as of December 31, 2013, by Major Field as provided by Sproule - Company Gross (thousands of barrels) | ||||
Concession | Major Field | Proved | Probable | Proved plus Probable |
L53/48 | L53A Field | 140 | 330 | 470 |
L53D Field | 271 | 257 | 528 | |
L53G Field | 210 | 301 | 511 | |
621 | 888 | 1,509 |
Reconciliation of Changes in Thailand Crude Oil Reserves as of December 31, 2013, as provided by Sproule - Company Gross | |||
(thousands of barrels) | Proved | Probable | Proved plus Probable |
December 31, 2012 | 405 | 682 | 1,087 |
Extensions | - | - | - |
Improved Recovery | - | - | - |
Technical Revision | 69 | (294) | (226) |
Discoveries | 513 | 467 | 980 |
Acquisitions | - | - | - |
Dispositions | - | - | - |
Economic Factors | (42) | 34 | (8) |
Production | (324) | - | (324) |
December 31, 2013 | 621 | 888 | 1,509 |
Summary of Thailand Net Present Values as of December 31, 2013, as provided by Sproule (Before Income Tax) | ||||
Present Value - Before Tax (Cdn$ million) | Undiscounted | 5% | 10% | 15% |
Proved | 33 | 32 | 30 | 29 |
Probable | 66 | 59 | 53 | 48 |
Total Proved plus Probable | 99 | 90 | 83 | 77 |
Summary of Thailand Net Present Values as of December 31, 2013, as provided by Sproule (After Income Tax ) | ||||
Present Value - After Tax (Cdn$ million) | Undiscounted | 5% | 10% | 15% |
Proved | 30 | 29 | 28 | 27 |
Probable | 33 | 30 | 28 | 26 |
Total Proved plus Probable | 63 | 59 | 56 | 53 |
Per Pan Orient share (Note 8) | $ 1.11 | $ 1.05 | $ 0.99 | $ 0.94 |
Notes: | ||
1) | Thailand reserves and values at December 31, 2013 shown represent Pan Orient's 100% working interest for Concession L53/48. | |
2) | The tables shown have assessed reserves at forecast crude oil reference prices and costs. | |
3) | The US$ reference price for crude oil per barrel (US$ UK Brent per barrel) is $108.06 for 2014, $102.73 for 2015, $97.42 for 2016, $106.14 for 2017, $107.73 for 2018, $109.34 for 2019 and prices increase at 1.5% per year thereafter. | |
4) | Oil revenue for these reserves is based on approximately 89% of the forecast crude oil Brent reference price. | |
5) | Tables shown assessed reserves with a foreign exchange rate of CDN$1=US$0.94 | |
6) | The cost inflation rate starting in 2014 is 1.5% per year. | |
7) | Estimated future undiscounted development costs, in nominal dollars, at December 31, 2013 were Cdn$9.7 million for proved reserves and Cdn$16.9 million for proved plus probable reserves. | |
8) | Per share values were calculated based on 56,760,307 Pan Orient shares currently outstanding. | |
9) | Net present values before income tax are before deduction of the SRB (Special Remuneratory Benefit tax) in Thailand. | |
10) | Net present values after income tax are after deduction of the SRB (Special Remuneratory Benefit tax) and income tax in Thailand. | |
11) | Well abandonment and disconnect costs of Cdn$2.9 million were included in this report. No allowances for reclamation or salvage values were made. | |
12) | The net present values disclosed may not represent fair market value. | |
13) | Totals may not add exactly due to rounding. |
Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations currently located onshore Thailand, Indonesia and in Western Canada.
This news release contains forward-looking information. Forward-looking information is generally identifiable by the terminology used, such as "expect", "believe", "estimate", "should", "anticipate" and "potential" or other similar wording. Forward-looking information in this news release includes, but is not limited to, references to: well drilling programs and drilling plans, estimates of reserves and potentially recoverable resources, and information on future production and project start-ups. By their very nature, the forward-looking statements contained in this news release require Pan Orient and its management to make assumptions that may not materialize or that may not be accurate. The forward-looking information contained in this news release is subject to known and unknown risks and uncertainties and other factors, which could cause actual results, expectations, achievements or performance to differ materially, including without limitation: imprecision of reserve estimates and estimates of recoverable quantities of oil, changes in project schedules, operating and reservoir performance, the effects of weather and climate change, the results of exploration and development drilling and related activities, demand for oil and gas, commercial negotiations, other technical and economic factors or revisions and other factors, many of which are beyond the control of Pan Orient. Although Pan Orient believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Pan Orient Energy Corp.Jeff ChisholmPresident and CEO (located in Bangkok, Thailand)jeff@panorient.caPan Orient Energy Corp.Bill OstlundVice President Finance and CFO(403) 294-1770
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