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Pan Orient Energy Down 12% After 6K-Foot Well is Mostly Water-Bearing

Pan Orient Energy (POE.V) is off nearly 12% today, sliding 52 cents to $3.87 a share after saying its SE Tiung-1 well in Indonesia is now being plugged and abandoned following 5,973 feet of drilling yielded water-bearing formations.

According to the company, SE Tiung-1 was drilled on budget but Pan Orient said the decision to release the rig followed repeated down time, rig repairs and resulting delays. Two more exploration wells and one appraisal well are planned, with drilling slated to start as soon as October 2011.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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