Pan Orient unveils third party engineer estimates for Anggun Prospect

By Romel S. Gurky

TSX-listed Pan Orient Energy Corp. unveiled Tuesday the results of a recently completed third party engineer NI-51-101 compliant Prospective Resource Report for the Anggun Prospect, East Jabung PSC, onshore Jambi Province, effective June 30, 2015 and conducted by Gaffney Cline & Associates (GCA).

The company said mean estimated ultimate recoverable (EUR) oil Prospective Resources of 44, 28 and 51 million barrels net to Pan Orient's 49 percent working interest in three respective potential reservoir horizons at the Anggun prospect.

Pan Orient President and CEO Jeff Chisholm commented: "We are very pleased to disclose to shareholders the third party engineer estimates for a prospect of a size that is typically found only in deepwater or very remote areas of the world. The Anggun prospect is a relatively shallow, onshore, high impact target adjacent to existing infrastructure and possesses some of the best fiscal terms in Indonesia.?

?Success at Anggun would have the potential to materially transform Pan Orient within a framework of manageable appraisal and development costs and in the context of Pan Orient's available financial resources," he added.

The Anggun Prospect at the Indonesia East Jabung PSC as at June 30, 2015 was evaluated by GCA. Prospective Resources are defined as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective Resources have an associated geological chance of success (GCOS). Prospective Resources are further classified as "High", "Best" and "Low" in accordance with the range of uncertainty. "Mean" refers to the expected average value of all possible successful outcomes. There is no certainty that any portion of the Prospective Resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. Prospective Resource volumes are presented as unrisked.

Prospect/Zone	Low Estimate (P90)	Best Estimate (P50)	Mean (P10)	High Estimate	GCoS
Intra Air Benakat Fm	13	58	89	288	20%
Gumai Fm	8	36	58	212	11%
Batu Raja Fm	11	59	104	350	26%

Notes:
1. Gross Prospective Resources are 100% of the volumes estimated to be recoverable from the Prospect. Pan Orient's working interest share is 49% of the Gross Prospective Resources.
2. The GCOS reported herein represents an indicative estimate of the probability that drilling this Prospect would result in a discovery. This does not include any assessment of the risk that the discovery, if made, may not be developed.
3. The volumes reported here are "unrisked" in the sense that no adjustment has been made for the risk, that no discovery will be made, or that any discovery would be developed.
4. Identification of Prospective Resources associated with a Prospect is not indicative of any certainty that the Prospect will be drilled, or will be drilled in a timely manner.
5. Prospective Resources should not be aggregated with each other, because of the different levels of risk involved.
6. Anggun is an oil-and-associated gas prospect. The conversion gas to boe: 1MMboe = 6Bcf

Editing by Reiner Simanjuntak