Energy Company 'Knocking It Out of the Park in Thailand'

Source: Streetwise Reports   05/10/2019

This oil and gas firm’s latest news and future catalysts were covered in a Mackie Research Capital Corp. report.

In a May 8 research note, Mackie Research analyst Bill Newman reported that Pan Orient Energy Corp.’s (POE:TSX.V) four wells in the L53-DD field began stable production on April 27, 2019.

He highlighted that this latest development increased the company’s net production in Thailand to about 1,400 barrels of oil per day (1,400 bbl/d), more than quadruple the 2018 rate of 250 bbl/d.

The analyst provided further production test results from three of those producing wells.

L53-DD3 tested 570 bbl/d (285 bbl/d net) of 23.5 degree API oil from the DD/EE sands. “The well has been shut in to allow Pan Orient to test the BB sands in the well,” Newman noted, adding that the testing will begin soon.

L53-DD4 tested 729 bbl/d (365 bbl/d net) of 23.8 degree API oil from the BB/CC sands.

L53-DD1 tested 514 bbl/d (257 bbl/d net) of 23.5 degree API oil from a new zone, the top of the AA sand.

As for the fourth well, L53-DD2, the company restarted production from the BB/CC sands at about 883 bbl/d, or 442 net bbl/d.

Newman described what to expect from Pan Orient further out. In late July/early August 2019 in Thailand, the company plans to launch a four- or five-well exploration program, followed in late 2019/early 2020 by the start of another multiple well exploration program targeting the L53-DD field.

In Indonesia, Pan Orient will begin the approximate 31-day drilling of the Anggun-1X exploration well in August 2019 and if successful, follow with a subsequent appraisal well.

Mackie is bullish on Pan Orient, Newman concluded, for its “strong financial position, growing production base in Thailand and the high-impact exploration potential of the Anggun-1X exploration well in Indonesia.”

The research firm has a Buy rating and a $3.26 per share price target on Pan Orient Energy, whose stock is currently trading at around $1.85 per share.

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Pan Orient Energy. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Pan Orient Energy Corp., a company mentioned in this article.

Disclosures from Mackie Research, Pan Orient Energy Corp., Update, May 8, 2018

RELEVANT DISCLOSURES APPLICABLE TO COMPANIES UNDER COVERAGE
Relevant disclosures required under Rule 3400 applicable to companies under coverage discussed in this research report are available on our web site at www.mackieresearch.com.

ANALYST CERTIFICATION
Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii) no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.

Mackie Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned herein.

( Companies Mentioned: POE:TSX.V, )

Source: https://www.streetwisereports.com/article/2019/05/10/energy-company-knocking-it-out-of-the-park-in-thailand.html