Pan Orient updates Indonesian programme

The following is an excerpt taken from 2008 Financial and Operating Results Of Calgary-based firm Pan Orient Energy Corp published Wednesday.(ed)

Citarum PSC
At the Citarum PSC located onshore Java (operated and 69% working interest) a 2D seismic program is currently underway, with the initial 750 kilometer program approximately 25% complete. Upon completion of this initial 750 kilometer program, an additional 500 kilometers of infill 2D will be acquired in order to convert leads defined in the reconnaissance program into drillable prospects. All seismic operations are anticipated to be completed by year end with drilling anticipated in the second quarter of 2010.

Batu Gajah PSC
At the Batu Gajah PSC located in South Sumatra (operated and 90% working interest) a 2D seismic program is planned to commence within the next 2 months with 500 kilometers of 2D data to be acquired over five prospects and leads defined on pre-existing data. It is anticipated this program will be completed late in the third quarter of 2009 with the drilling of 3 exploration wells to commence in the first quarter of 2010 with a possibility of the drilling of the first well starting in late 2009.

Capital program of C$26 million (for 2009) that includes 500 kilometers of 2D seismic in the Batu Gajah PSC, and 1,250 kilometers of 2D seismic in the Citarum PSC to bring exploration prospects and leads on those concessions up to drill ready status.

In addition to the stated capital budget of $26 million for Indonesia, there will be a contingent budget of an additional $7 million related to the cost of long lead time drilling equipment and the potential drilling of one exploration well in late 2009.(end of excerpt)