Pan Orient anticipates drilling of Anggun prospect in Q4 2015
Tuesday, December 2 2014 - 12:46 AM WIB
TSX-listed Pan Orient Energy Corp said that drilling of the Anggun prospect in the East Jabung PSC, onshore Jambi, is expected to start in the fourth quarter (Q4) of next year or 2016 depending on the completion of access road to remote location.
?Drilling of the potentially high impact Anggun prospect is expected to commence in the fourth quarter of 2015 to the second quarter of 2016 depending on the well access route that is secured,? said Pan Orient, which is the operator of the East Jabung PSC with 100 percent stake, in its third quarter report seen on Tuesday.
The company reiterated that a farm-out agreement to transfer a 51 percent stake and operatorship in the East Jabung PSC to a unit of Talisman Energy is expected to be concluded in the first quarter of 2015.
?Activities in the first quarter of 2015 will be focused on the transfer of a 51 percent interest and operatorship to a subsidiary of Talisman Energy Inc. and finalizing the various Government of Indonesia approvals required,? the company said.
Pan Orient announced the farm-out agreement November 11 in bid to raise funds to help develop the East Jabung PSC particularly the Anggun prospect.
Elsewhere, the company said it has also made significant progress in the farm-out of the Citarum PSC, on shore Java, and is also seeking for partner via farm-out arrangement in the Batu Gajah PSC, on shore Jambi. The company also holds a 77 percent interest in Batu Gajah PSC, and 97 percent in Citarum PSC.
?Indonesia activity during 2014 has been focused on completion of the seismic programs at East Jabung and Batu Gajah and on negotiating farmout arrangements for exploration drilling at the East Jabung, Batu Gajah and Citarum PSCs,? Pan Orient said.
It added that capital expenditures in Indonesia were US$5.8 million during the nine months of 2014, with $4.3 million in the first quarter, $0.7 million in the second quarter and $0.8 million in the third quarter.
On a year to date basis, there have been capital expenditures of $5.0 million at the East Jabung PSC principally related to completing the 440 kilometer 2D seismic program, $0.7 million at the Batu Gajah PSC associated with completion of the 400 square kilometer 3D seismic program and capitalized general and administrative expenses, and $0.1 million for equipment inventory.
Editing by Reiner Simanjuntak