Pan Orient extends farm-out timeline

By Romel S. Gurky

Canadian oil and gas firm Pan Orient Energy Corp said on Thursday it has decided to extend the deadline for interested investors to submit their proposals with regard to the company?s farm-out programs.

As reported last year, Pan Orient was seeking to farm out part of its interest in three exploration PSCs including in the Batu Gajah and East Jabung PSCs, both located onshore Jambi, and in Citarum PSC, located onshore West Java, in which it respectively has 77 percent, 100 percent, and 97 percent interests. The company is seeking for a 50 percent partner in East Jabung and 40 percent partner in each of the Batu Gajah and Citarum PSCs as it prepares for active drilling campaign in mid 2014.

?In response to the January 31, 2013 date for farm-in proposals to be submitted for the Batu Gajah and East Jabung PSCs, Pan Orient has received requests from companies seeking either a) a timeline extension to evaluate the recently completed 2D seismic in East Jabung and 3D seismic processing just completed in Batu Gajah PSC, or b) received proposals conditional upon final review of this recently acquired seismic data,? the company said in a statement.

?In order to facilitate these requests, Pan Orient has extended the timeline with respect to the receipt of proposals to March 31, 2014 for both Batu Gajah and East Jabung PSCs.?

In addition, as a number of companies have also been evaluating the Citarum PSC, the February 28, 2014 proposal submission date for Citarum PSC has also been extended to March 31, 2014 in order to facilitate proposals which include multiple PSCs, Pan Orient added.

Editing by Reiner Simanjuntak