Indonesia: Pan Orient sees high potential in farmouts

An active drilling program in 2014 in Indonesia, subject to the timing and success of farmout efforts, will target some potentially large prospects at which success at any one could materially transform the company, said Pan Orient Energy Corp., Calgary.

Pan Orient seeks to farm out part of its interests in the Batu Gajah, East Jabung, and Citarum production-sharing contracts. Initial response has been strong, and farmout activities likely will extend into early 2014 followed by drilling in mid-2014. The company plans to relinquish the South CPP PSC.

Pan Orient is working on the front-end requirements to drill a well in the Batu Gajah PSC, where it is operator with 77% interest.

It has shot 400 sq km of 3D seismic over the Raka, Takar, Rafa, and western prospect areas, and processing and mapping are to be complete yearend.

The 3D at Takar and Raka targets gas and oil downdip of zones that tested or sampled gas in the 1980s when the gas market and infrastructure were poor. Structural-stratigraphic closures show maximum areal extents of 25-32 sq km. The 3D in western region follows up on 350 ft of dead oil shows encountered in shallow sands in the unsuccessful Shinta-1 well.

The Singapore-listed operator of the west-adjacent Lemang PSC encountered significant hydrocarbons in two wells 175 m and 500 m west of the Lemang-Batu Gajah PSC boundary.

Mapping of 2D seismic data over these wells combined with 2D seismic acquired by Pan Orient in 2010 indicates that part of this structural closure extends into Batu Gajah and perhaps the structural crest. The PSC requires unitization in the event of a shared field.

Meanwhile, Pan Orient is shooting 430 line-km of 2D seismic on its 100% owned East Jabung PSC with completion eyed in January 2014 followed by 2-3 months of processing and mapping.

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