The Canadian firm states it’s properly positioned financially for future actions.
Adjusted funds circulation from the corporate’s operations in Q3/19 totaled $6.four million, or $zero.12 per share, pushed by “sturdy Thailand oil manufacturing and netbacks.” This took year-to-date income by means of Sept. 30, 2019, to $13.7 million, or $zero.25 per share.
As of Sept. 30, 2019, Pan Orient had $32.5 million in working capital and noncurrent deposits and no long-term debt. The corporate states this positions it properly financially for exploration work within the East Jabung Manufacturing Sharing Contract in Indonesia and potential improvement actions in Canada.
Pan Orient’s Thailand three way partnership additionally is powerful financially with working capital and long-term deposits of $9.four million and an tools stock of $2.eight million, web to the corporate’s 50.01% fairness curiosity.
“The third quarter of 2019 noticed the third new pool/discipline oil discovery within the L53-DD oil discipline area onshore Thailand and substantial progress in the direction of the drilling of the Anggun-1X exploration properly in Indonesia. We’re happy to announce drilling of the Anggun-1X exploration properly in Indonesia commenced November 14th and the properly is predicted to achieve complete depth in an estimated 20 to 30 days. The fourth quarter will see preparations for an expanded Thailand exploration and appraisal drilling program that can begin in early January 2020,” acknowledged Pan Orient President and CEO Jeff Chisholm.
Within the close to time period, the discharge famous, “The outcomes of the Anggun-1X properly in Indonesia, outcomes of the continuing Thailand drilling program and the brand new unbiased analysis studies on reserves and assets can be vital in defining the go ahead alternatives and methods for Pan Orient.”
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