UPDATE: Pan Orient Reports Thailand L53-DC3 Oil Discovery; Stock Slips 1%
Pan Orient Energy Corp. (POE.V) announced that the L53-DC3 appraisal well is currently on a 90 day production test producing 15 degree API oil by electrical submersible pump at a rate of approximately 160 barrels of oil per day with an 8% water cut, interpreted to be mainly completion brine based on the high salinity.
The well also encountered 5 meters of interpreted likely oil pay in the deeper "A3" sand and 3 meters of possible oil pay in the "A2" sand.
POE slipped nearly 1% to $2.21, with 52-week range of $1.92 - $4.47.
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