28 Feb Victory Metals And Pan Orient Energy Out With Good News This Morning
Earlier this morning, Victory Metals (TSXV – VMX) announced the results of its first 8 holes at the Iron Point vanadium project in Nevada. In short, the results were quite nice. Victory Metals intersected vanadium through the broader mineralized envelope in grades that were expected but also announced results of higher grade vanadium intersections through flat-lying horizons of a previously unrecognized high-grade zone. Victory Metals is off to a good start and I expect constant news flow through 2019.
Pan Orient (TSXV – POE) came out with some great news as well. Their L53-DD4 well in Thailand intersected 15.6 meters of net oil pay in the AA2 and BB/CC sandstones. Great news from an exploration perspective but also very nice from a reserves standpoint. L53-DD4 was drilled outside of Pan Orient’s proved and probable reserves envelope and will certainly add to its 2019 YE reserves update.
As previously discussed, I took a position in Pan Orient because of the upcoming Anggun-1X well in Sumatra, Indonesia (51% Repsol/49% Pan Orient). When I got involved, it was trading below its cash and Thai reserves valuation. Pan Orient’s recent exploration success in Thailand has been a huge bonus and a really nice lead-up to the highly anticipated Anggun-1X well.