CALGARY, ALBERTA–(Marketwired – April 27, 2017) –
Pan Orient Energy Corp. (“Pan Orient” or the “Company”) (TSX VENTURE:POE) is providing an operations update.
East Jabung PSC (POE 49% & Non Operator)
The operator of the East Jabung Production Sharing Contract indicated to the Company on April 25 that due to delays related to unusually heavy monsoon rainfall, the estimated commencement of drilling of the AYU-1X exploration well has been delayed from late April to late Q2 2017. This delay has been due to the implementation of extraordinary measures that were required to mitigate the extremely wet conditions caused by continuous rainfall with some days recording as much as 7.6 centimeters of precipitation.
The Company will continue to update shareholders on any timeline revisions, should they occur, and also announce the commencement of drilling, when this occurs.
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 press 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 press release includes references, express or implied, to the timing of drilling in Indonesia. By its very nature, the forward-looking information contained in this press release requires Pan Orient and its management to make assumptions that may not materialize or that may not be accurate. In addition, the forward-looking information is subject to known and unknown risks and uncertainties and other factors, some of which are beyond the control of Pan Orient, which could cause actual results, expectations, achievements or performance to differ materially. Although Pan Orient believes that the expectations reflected in its forward-looking information are reasonable, it can give no assurances that those expectations will prove to be correct. Pan Orient undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
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.
President and CEO (located in Bangkok, Thailand)
Vice President Finance and CFO