Oil & Gas Explorer Maintains Strong Financial Position

Pan Orient Energy Corp. (POE:TSX.V) reported in a news release its Q3/19 monetary outcomes.

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.”

[NLINSERT]

Disclosure:

1) Doresa Banning compiled this text for Streetwise Stories LLC and supplies providers to Streetwise Stories as an unbiased contractor. She or members of her family personal securities of the next corporations talked about within the article: None. She or members of her family are paid by the next corporations talked about on this article: None.

2) The next corporations talked about on this article are billboard sponsors of Streetwise Stories: Pan Orient Vitality Corp. Click on here for vital disclosures about sponsor charges.

three) Feedback and opinions expressed are these of the particular consultants and never of Streetwise Stories or its officers. The data offered above is for informational functions solely and isn’t a advice to purchase or promote any safety.

four) The article doesn’t represent funding recommendation. Every reader is inspired to seek the advice of together with his or her particular person monetary skilled and any motion a reader takes because of info introduced right here is his or her personal duty. By opening this web page, every reader accepts and agrees to Streetwise Stories’ phrases of use and full authorized disclaimer. This text just isn’t a solicitation for funding. Streetwise Stories doesn’t render normal or particular funding recommendation and the data on Streetwise Stories shouldn’t be thought-about a advice to purchase or promote any safety. Streetwise Stories doesn’t endorse or suggest the enterprise, merchandise, providers or securities of any firm talked about on Streetwise Stories.

5) Every now and then, Streetwise Stories LLC and its administrators, officers, workers or members of their households, in addition to individuals interviewed for articles and interviews on the positioning, might have a protracted or quick place in securities talked about. Administrators, officers, workers or members of their quick households are prohibited from making purchases and/or gross sales of these securities within the open market or in any other case from the time of the interview or the choice to put in writing an article till three enterprise days after the publication of the interview or article. The foregoing prohibition doesn’t apply to articles that in substance solely restate beforehand printed firm releases. As of the date of this interview, officers and/or workers of Streetwise Stories LLC (together with members of their family) personal securities of Pan Orient Vitality Corp, an organization talked about on this article.