Pan Orient Energy Corp.: Second Quarter 2008 Highlights and Outlook
29 Agosto 2008 - 2:20AM
Marketwired Canada
NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES.
Pan Orient Energy Corp. (TSX VENTURE:POE) is pleased to provide an update of
Company operations in Thailand, Indonesia and Canada in conjunction with the
Company's 2008 2nd quarter financial statements and associated management's
discussion and analysis which can be found online at www.sedar.com.
HIGHLIGHTS
- Second quarter of 2008 oil revenues increased to $35.5 million, up 9% from Q1.
Oil revenues have increased over fifteenfold from 2007 levels.
- Q2 2008 net income of $8.5 million, up from $3.4 million in the first quarter
of 2008.
- June 30, 2008 positive working capital of $33.9 million.
- Q2 2008 Thailand oil production averaged 6,491 bbl/d gross (3,894 bbl/d net to
Pan Orient), despite a 6 month delay in environmental approvals for drilling
locations covering the northern half of the Na Sanun East field. Current
production is approximately 10,000 bbl/d gross (6,000 bbl/d net), now that the
approvals have been received.
- In May, 2008 the company closed the acquisition of two onshore production
sharing contracts with a combined 8,428 square kilometers of highly prospective
exploration acreage located on the islands of Java and Sumatra in the Republic
of Indonesia.
- Pan Orient reaffirms its targeted 2008 exit rate of 15,000 bbl/d gross (9,000
bbl/d net to Pan Orient).
SELECTED QUARTERLY INFORMATION
----------------------------------------------------------------------------
2008 2007
($000s unless otherwise indicated) Q2 Q1 Q4 Q3
----------------------------------------------------------------------------
Revenues
Oil - Thailand 35,486 32,498 15,435 4,214
Royalties - Thailand (2,349) (2,254) (931) (242)
Interest - Canada 93 265 234 118
----------------------------------------------------------------------------
33,230 30,509 14,738 4,090
----------------------------------------------------------------------------
Expenses
Stock-based compensation 446 296 1,487 235
General and administrative 1,378 885 1,086 764
Foreign expenditures - - - -
Depletion, depreciation & accretion 2,955 3,086 1,185 1,566
Operating and transportation 2,066 1,686 1,065 411
Non-controlling interest (149) 12 457 (23)
Foreign exchange loss (gain) 696 (205) (473) 1,079
Current income tax 8,262 6,360 4,646 -
SRB 9,601 11,335 - -
Future tax (reduction) increase (483) 3,631 (1,414) (28)
----------------------------------------------------------------------------
24,772 27,086 8,039 4,004
----------------------------------------------------------------------------
Net income 8,458 3,423 6,699 86
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net income per share - basic ($) 0.19 0.08 0.15 0.00
Net income per share - diluted ($) 0.17 0.07 0.14 0.00
Net average quarterly production
(bbl/d) 3,894 4,604 2,320 722
Capital expenditures 6,686 3,581 6,524 9,035
Funds flow from operations 10,947 10,612 7,942 2,455
Shares outstanding (000s) 45,770 45,247 45,218 41,635
----------------------------------------------------------------------------
PRODUCTION AND NETBACKS
----------------------------------------------------------------------------
Three Months Ended Six Months Ended
June 30 June 30
2008 2007 2008 2007
----------------------------------------------------------------------------
Oil revenue ($000s) 35,486 2,812 67,984 4,384
----------------------------------------------------------------------------
Average daily production (bbls/d) 3,894 501 4,249 423
----------------------------------------------------------------------------
Operating netback ($/bbl)
Realized oil price 100.13 61.67 87.91 57.39
Royalties (6.63) (5.81) (5.95) (5.02)
Operating expenses (3.16) (16.47) (2.31) (15.97)
Transportation expenses (2.67) (2.54) (2.54) (2.51)
----------------------------------------------------------------------------
Total operating netback 87.67 36.85 77.11 33.89
----------------------------------------------------------------------------
Interest income 0.26 2.15 0.46 2.91
General & administrative expenses (3.89) (16.78) (2.93) (17.18)
Special Remuneratory Benefit (27.09) - (27.07) -
Income tax (23.31) - (18.91) -
----------------------------------------------------------------------------
Total corporate netback 33.64 22.22 28.66 19.62
----------------------------------------------------------------------------
----------------------------------------------------------------------------
2008 PROGRAMS
THAILAND
In 2008 Pan Orient initiated a 2 rig multiwell exploration and development
program within Thailand onshore concessions L33 and L44. This drilling program
is expected to continue throughout 2009 focusing on the full development and
appraisal of the Na Sanun East ("NSE") field. Drilling will also be targeting
the large prospective resource potential that has been identified within the
main volcanic reservoir adjacent to the NSE field, based on existing well
control and 3D seismic. Locations have now been identified on Pan Orient's 100%
owned L53 concession and drilling is anticipated in early 2009, after required
environmental permits are in place.
CANADA
In April, 2008, the Company's 55% owned heavy oil subsidiary, Andora Energy
Corporation, submitted an application to EUB for a SAGD pilot at Sawn Lake and
located on Andora's 100% owned lands. Approval is anticipated in late Q3 2008
with project activity to ramp up in the first half of 2009.
OUTOOK
Pan Orient is continuing with its aggressive onshore Thailand drilling program,
currently focused on appraisal of the NSE field. In August, NSE-A1 encountered a
previously untested upper volcanic zone, testing at a rate of over 1,200 bopd.
The well is currently on production at over 1,600 bopd. This same upper volcanic
zone has subsequently been encountered in two other wells, NSE-A4 and NSE-B1,
and both are currently testing. Three additional multiwell drilling pads located
in the northern portion of the NSE Central fault block are complete and drilling
will soon commence from these pads, one of which is targeting an area of 3P
reserves.
A multi-well drilling program targeting the conventional sandstone reservoirs
north of the existing Wichian Buri field wells and at Si Thep is also expected
to be implemented and at least 4 exploration wells are anticipated to be drilled
on Pan Orient's 100% owned onshore Thailand L53 concession in early 2009.
An ongoing, active new ventures program will continue with a focus on Indonesia,
Thailand and China.
The remainder of 2008, and into 2009, promises to be an active and exciting time
for the Company, with significant near term production and reserve upside
potential being pursued at Na Sanun East and further L33 and L44 exploratory
drilling. This Thailand program will be followed by an aggressive 2009 drilling
program in Indonesia.
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.
45,769,766 common shares issued
Grafico Azioni New Stratus Energy (TSXV:NSE)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni New Stratus Energy (TSXV:NSE)
Storico
Da Ott 2023 a Ott 2024
