High Potential for Oil, Now Drilling
Pan Orient Energy has 57.7 million shares outstanding and as of when I write, a market cap of about $106 million including about $80 million in cash. So the market values their real assets at about $26 million.
Pan Orient is starting to drill a high potential hole at their L53 oil project in Thailand today. They plan on doing one exploration well and two appraisal wells. Results from the initial hole will be released in ten to fourteen days. The L53 A North Prospect is 4.5 km south and on trend of the U-Thong oil field that measures 4.5 million barrels for owner PTTEP.
Pan Orient has completed 3D modeling over the entire block and is targeting a P50 2500 bopd well. Should they hit, the stock will go up a lot. Their 50% of the drilling will cost about $900,000. Having $80 million in cash with the price of oil at the lowest price in 7 years is good timing.
Pan Orient has other projects so this is not a one trick pony. Pan Orient is an advertiser and we are biased. Do your own due diligence.
Pan Orient Energy