14 Feb Pan Orient Provides A Corporate Update – The Anggun-1X Well Is Just Around The Corner
Pan Orient Energy (TSXV – POE) came out with a corporate update and a new corporate presentation earlier today. In short, both offered a good synopsis of Pan Orient’s current operations and its potentially huge value proposition going forward.
Pan Orient has $0.72 per share in cash and another $0.72 per share attributable to its Thai Proved & Probable Reserves – NPV(10). That’s $1.44 per share or, more or less, its current share price.
The $1.44 per share gives no value to the potential exploration upside in Thailand or more importantly, to any potential exploration success with the upcoming Anggun-1X well in Sumatra, Indonesia.
On the topic of the Anggun-1X well (East Jabung PSC – 51% Repsol / 49% Pan Orient), road construction to the drill pad is 36% complete and the operator, Repsol, still expects to spud before the end of Q2 2019.
Anggun-1X is one of the world’s most anticipated onshore wells for 2019. Pan Orient and Repsol are testing a huge structure in the Gumai sandstone – if they hit on the Anggun-1X well, it’s a game changer for Pan Orient.
I’ve been following Pan Orient for some time and I’m really looking forward to seeing if they have the goods in Sumatra – the truth serum test is just around the corner.