CVN - Carnarvon Energy
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Pan Orient Energy Corp.: Thailand Operations Update
CALGARY, ALBERTA--(Marketwire - Feb. 4, 2008) - Pan Orient Energy Corp. (TSX VENTURE
OE) -
NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
L44-R Exploration Well (60% WI & Operator)
Intermediate casing is currently being set at a depth of 650 meters on the moderate risk, high impact L44-R exploration well which is located approximately 10.5 kms south of the producing NSE oilfield and within the main volcanic reservoir play fairway. The well is targeting an approximately 7 square km structural closure with multiple potential volcanic reservoir targets between 800 to 1,300 meters. Total depth is anticipated to be reached in approximately 10 days.
Na Sanun East ("NSE") Production License
Thailand's Department of Mineral Fuels has now granted to Pan Orient a 27.8 square km Production License over its NSE oilfield discovery, allowing Pan Orient to continue with its planned NSE full field development program. Pan Orient is anticipating to drill up to 19 wells on the NSE structure during 2008.
Production Update
Further to the January 15, 2008, news release (which announced gross production of 7,350 bopd), tanker capacity has grown as anticipated and gross production of approximately 8,800 bopd (5,280 bopd net to Pan Orient) is currently being sold to the Bangkok refinery. Further tanker additions have been arranged and production will continue to ramp up to the current field production capacity, from existing wells, of approximately 10,000 bopd gross (6,000 bopd net) by late February to early March.
Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations currently located onshore Thailand and in Western Canada.
CALGARY, ALBERTA--(Marketwire - Feb. 4, 2008) - Pan Orient Energy Corp. (TSX VENTURE
OE) -NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
L44-R Exploration Well (60% WI & Operator)
Intermediate casing is currently being set at a depth of 650 meters on the moderate risk, high impact L44-R exploration well which is located approximately 10.5 kms south of the producing NSE oilfield and within the main volcanic reservoir play fairway. The well is targeting an approximately 7 square km structural closure with multiple potential volcanic reservoir targets between 800 to 1,300 meters. Total depth is anticipated to be reached in approximately 10 days.
Na Sanun East ("NSE") Production License
Thailand's Department of Mineral Fuels has now granted to Pan Orient a 27.8 square km Production License over its NSE oilfield discovery, allowing Pan Orient to continue with its planned NSE full field development program. Pan Orient is anticipating to drill up to 19 wells on the NSE structure during 2008.
Production Update
Further to the January 15, 2008, news release (which announced gross production of 7,350 bopd), tanker capacity has grown as anticipated and gross production of approximately 8,800 bopd (5,280 bopd net to Pan Orient) is currently being sold to the Bangkok refinery. Further tanker additions have been arranged and production will continue to ramp up to the current field production capacity, from existing wells, of approximately 10,000 bopd gross (6,000 bopd net) by late February to early March.
Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations currently located onshore Thailand and in Western Canada.
Garpal Gumnut
Ross Island Hotel
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CVN's well is expected to reach TD this friday. The SP hasn't really moved at at all, most likely due to the well being moderate risk.
Whens the great CVN moving to a dollar?
Thanks for all the funnymentalist news. From the technical side it is very very exciting. Unlike most shares at the moment CVN has an equal number of buyers and sellers, on low volume , with low spreads, and is in a sideways movement exactly half way between its recent highs and lows.
So it is ripe for jumping into if it moves up out of this range on higher volume, or selling/ shorting if it goes down on higher volume.
Chart enclosed
gg
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Garpal I don't know if you've been watching the trading but for the last week or so there has been an accumulator constantly buying at the offer price in 5000 lots.
Every few trades is his bot buying into the sell depth.
There's been a wall of sellers backed up waiting for him to take there offer in 5000 share parcel nibbles.
I'm convinced the SP would have fallen to 50 or less by now if it weren't for his persistent buying. Must've accumulated millions by now.
It's been weird to see it go on day after day - must end soon one would think. By then the sellers may have run out of steam and we can resume normal trading!
The L44-R exploration well results will come through next week. I don't think anyone is expecting any gushers here.
I can't see there being too much dissapointment if it's a duster being that it's targetting a new area. Any oil shows would be positive though.
Soon after they'll be ramping up their production wells with 19 more wells coming up this year in the NSE area.
That should get the juices flowing again.
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Anyone know when 2P reserves are due to be released?
I believe it was around the end of February last year.
I believe it was around the end of February last year.
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i think they stated that it would be released towards the end of march...i think this release along with transport will be the biggie
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Feb 20, 2008 06:00 ET
Pan Orient Energy Corp.: Thailand Operations Update
CALGARY, ALBERTA--(Marketwire - Feb. 20, 2008) - Pan Orient Energy Corp. (TSX VENTUREOE) -
NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
L44-R Exploration Well (60% WI & Operator)
The L44-R exploration well, targeting multiple potential volcanic reservoirs within an approximately 7 square km structural closure located 10.5 kms south of the producing NSE oil field, is currently being logged after reaching a total depth of approximately 1,277 meters. Three potential volcanic reservoirs of approximately 27 meters, 45 meters and 207 meters in thickness were encountered between 665m to 1,277m. Drilling mud losses were observed in the deepest zone (1,070-1,277 meters) at 1,149m (120 bbls/hr), 1,160m (65 bbls/hr), 1,197m (21 bbls/hr), 1,204m (69 bbls/hr) and 1,219m (32 bbls/hr). Total losses while drilling were approximately 905 barrels of drilling fluid. Elevated mud gas readings approximately 1% or greater were observed at 720m, 731m, 789m and while tripping at 968m. Due to the complex nature of these unconventional volcanic reservoirs, testing will be required to determine the hydrocarbon potential of any given zone.
Testing of up to three volcanic zones is anticipated to be completed within approximately 21 days at which time the test results will be announced.
NS1-D1 Appraisal Well (60% WI & Operator)
Upon the setting of casing in the L44-R exploration well, drilling will commence on the deviated NS1-D1 appraisal well that is targeting the main NSE volcanic reservoir at a location mid way between the POE-9 and NS2-D1 appraisal wells drilled earlier. The purpose of this well is to build production capacity from the main volcanic reservoir at NSE.
Forward Drilling Program
Drilling utilizing two rigs is expected to commence again at the end of February after a delay related to the arrival of new mud pumps from China. It is anticipated this upgrade will significantly increase rig performance.
Several wells over the next eight weeks will be targeting the hydrocarbon potential of a number of zones below the currently producing main zone at NSE. None of these deeper zones have been tested to date.
While the 27.8 square km NSE production license has been awarded by the Government of Thailand, the Company still awaits environmental approval for approximately 27 development drilling locations at both the Wichian Buri and Na Sanun East oil fields. This approval is anticipated within the next 6 weeks, at which time the requirement for a third rig will be reviewed. Pan Orient has numerous other drillable locations it will be proceeding with while it awaits this approval.
Production Update
Further to the February 4, 2008, news release (which announced gross production of 8,800 bopd, 5,280 net), tanker capacity has grown as anticipated and gross production is currently approximately 9,500 bopd (5,700 bopd net to Pan Orient) which is currently being sold to a refinery located in Bangkok. Some early stage issues related to unloading the large number of tankers (approximately 51) had resulted in deliveries on some days falling below 9,000 bopd. Maximum deliveries have been as high as 10,300 bopd gross.
Pan Orient Energy Corp.: Thailand Operations Update
CALGARY, ALBERTA--(Marketwire - Feb. 20, 2008) - Pan Orient Energy Corp. (TSX VENTURE
OE) -NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
L44-R Exploration Well (60% WI & Operator)
The L44-R exploration well, targeting multiple potential volcanic reservoirs within an approximately 7 square km structural closure located 10.5 kms south of the producing NSE oil field, is currently being logged after reaching a total depth of approximately 1,277 meters. Three potential volcanic reservoirs of approximately 27 meters, 45 meters and 207 meters in thickness were encountered between 665m to 1,277m. Drilling mud losses were observed in the deepest zone (1,070-1,277 meters) at 1,149m (120 bbls/hr), 1,160m (65 bbls/hr), 1,197m (21 bbls/hr), 1,204m (69 bbls/hr) and 1,219m (32 bbls/hr). Total losses while drilling were approximately 905 barrels of drilling fluid. Elevated mud gas readings approximately 1% or greater were observed at 720m, 731m, 789m and while tripping at 968m. Due to the complex nature of these unconventional volcanic reservoirs, testing will be required to determine the hydrocarbon potential of any given zone.
Testing of up to three volcanic zones is anticipated to be completed within approximately 21 days at which time the test results will be announced.
NS1-D1 Appraisal Well (60% WI & Operator)
Upon the setting of casing in the L44-R exploration well, drilling will commence on the deviated NS1-D1 appraisal well that is targeting the main NSE volcanic reservoir at a location mid way between the POE-9 and NS2-D1 appraisal wells drilled earlier. The purpose of this well is to build production capacity from the main volcanic reservoir at NSE.
Forward Drilling Program
Drilling utilizing two rigs is expected to commence again at the end of February after a delay related to the arrival of new mud pumps from China. It is anticipated this upgrade will significantly increase rig performance.
Several wells over the next eight weeks will be targeting the hydrocarbon potential of a number of zones below the currently producing main zone at NSE. None of these deeper zones have been tested to date.
While the 27.8 square km NSE production license has been awarded by the Government of Thailand, the Company still awaits environmental approval for approximately 27 development drilling locations at both the Wichian Buri and Na Sanun East oil fields. This approval is anticipated within the next 6 weeks, at which time the requirement for a third rig will be reviewed. Pan Orient has numerous other drillable locations it will be proceeding with while it awaits this approval.
Production Update
Further to the February 4, 2008, news release (which announced gross production of 8,800 bopd, 5,280 net), tanker capacity has grown as anticipated and gross production is currently approximately 9,500 bopd (5,700 bopd net to Pan Orient) which is currently being sold to a refinery located in Bangkok. Some early stage issues related to unloading the large number of tankers (approximately 51) had resulted in deliveries on some days falling below 9,000 bopd. Maximum deliveries have been as high as 10,300 bopd gross.
doogie_goes_off
disbelieve if you can
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An exact replica of this ann. was posted for CVN today, can't we even get a bit of commentary from the CEO saying something like "oil sales expected to cause positive cash flow" and "no further delays for drilling expected", atleast we know to wait 3-4 weeks for the next ann.
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Um... whats happening today? 0.47 now.
Anyone selling and taking profit now?
Quite tempted to load up more.
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Well the volume has really dropped off on CVN lately.
Which is a bit of a shame considering the price of oil at the moment.
I hope noone minds but i thought I would post a current chart and my brief thoughts on it.
Todays volume was about double what we have seen over the last few trading days and I believe that a "hammer" has formed with the end of todays price action.
Stochastics have turned up from being oversold and the MACD looks like it could cross over in the next day or two.
Based on the hammer itself and the price of oil, i'm just going to make a note and do a paper trade to see how my thoughts pan out.
Obvious resistance at 56c though.
Are there any forthcomming ann that may add to my short term bullish outlook for CVN?
Which is a bit of a shame considering the price of oil at the moment.
I hope noone minds but i thought I would post a current chart and my brief thoughts on it.
Todays volume was about double what we have seen over the last few trading days and I believe that a "hammer" has formed with the end of todays price action.
Stochastics have turned up from being oversold and the MACD looks like it could cross over in the next day or two.
Based on the hammer itself and the price of oil, i'm just going to make a note and do a paper trade to see how my thoughts pan out.
Obvious resistance at 56c though.
Are there any forthcomming ann that may add to my short term bullish outlook for CVN?
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Everyone likes a chart nuke, post away..
L44-R results should be out mid next week. Though they penetrated a number of potential reservoirs, there was no mention of oil over the shakers (at surface) and at the time of the release the sp relfected this imo.
NS1-D1 should provide more joy as it is being deviated along the reservoir between two producing wells, and being drilled, in the words of the company 'to build production capacity'.
inore indicated reserves should be out in march (may be conservative as per last year) and after that there is just the 20 or 30 holes the joint venture are going to drill around the shop!
L44-R results should be out mid next week. Though they penetrated a number of potential reservoirs, there was no mention of oil over the shakers (at surface) and at the time of the release the sp relfected this imo.
NS1-D1 should provide more joy as it is being deviated along the reservoir between two producing wells, and being drilled, in the words of the company 'to build production capacity'.
inore indicated reserves should be out in march (may be conservative as per last year) and after that there is just the 20 or 30 holes the joint venture are going to drill around the shop!
Ripped from another forum.
CVN to trade on ASX 300 as of 21st March 2008 (timing couldn't be better)
Check the information here : http://www2.standardandpoors.com/spf/pdf/index/20080306_QuartRebal.pdf
What effect should this have on the co. other than open it up to those who wouldn't necessarily trade in CVN?
Cheers.
CVN to trade on ASX 300 as of 21st March 2008 (timing couldn't be better)
Check the information here : http://www2.standardandpoors.com/spf/pdf/index/20080306_QuartRebal.pdf
What effect should this have on the co. other than open it up to those who wouldn't necessarily trade in CVN?
Cheers.
CVN CVN CVN...with the recent flagging SP (goes with the market ) i thought i would give fellow holders an update and hope to keep spirits high!
Here tis:
- Take a look at the POE website (it is not up and running but a PDF from Feb 2008 gives a general overview of things happening in Thailand). POE state that at Bo-Rang 1 (CVN have 40% stake) that gas was tested at 5.5 MMcf/D. They are currently in discussions with POE about the viability of producing this gas. Oil shows were also found in the deeper volcanic zones.
- CVN is also looking to finalise bids on 2 other oil concessions (they are again the sole bidder on these blocks), so hopefully that can add some exploration success to the bottom line.
- CVN continues to be debt free and is profiting from increased production and record oil prices. Transport costs are relatively low (2.70 USD per barrel or something to that effect)
- 2 Rigs are currently drilling up to a total of 26 wells throughout 2008 (appraisal & exploration) with a 3rd rig to be brought into the action pending approval from Thai Gov't for producing wells.
- CVN to drill its Black Tom project later this year, with a 40mmbbl prospect (located off WA) pending a farm-out arrangement
- Significant upgrade to the current 2P reserves (2.8mmbbl), with the possibility of adding some of the 30.4 mmbbl from the 3P reserves by the end of MARCH '08
- Joint Venture to be producing 20,000 BOPD at the end of '08 (net 8,000 BOPD to CVN)
- There is still no mention of the Indonesian study that CVN undertook back in Oct '07. It apparently determines feasibility or something of that ilk for oil concessions in Indo
- Interpretation of seismic data in Australia (EP 110/EP 424) which CVN has a 35% interest. No idea when this info is to be released (Strike Oil (STX) also have an interest in this project, keep an eye on them).
- Finally, Hartley's have a buy recomm with a target of $1.01. This does not take into account future drilling successes/increases in reserves.
All the best,
JTLP
) i thought i would give fellow holders an update and hope to keep spirits high!Here tis:
- Take a look at the POE website (it is not up and running but a PDF from Feb 2008 gives a general overview of things happening in Thailand). POE state that at Bo-Rang 1 (CVN have 40% stake) that gas was tested at 5.5 MMcf/D. They are currently in discussions with POE about the viability of producing this gas. Oil shows were also found in the deeper volcanic zones.
- CVN is also looking to finalise bids on 2 other oil concessions (they are again the sole bidder on these blocks), so hopefully that can add some exploration success to the bottom line.
- CVN continues to be debt free and is profiting from increased production and record oil prices. Transport costs are relatively low (2.70 USD per barrel or something to that effect)
- 2 Rigs are currently drilling up to a total of 26 wells throughout 2008 (appraisal & exploration) with a 3rd rig to be brought into the action pending approval from Thai Gov't for producing wells.
- CVN to drill its Black Tom project later this year, with a 40mmbbl prospect (located off WA) pending a farm-out arrangement
- Significant upgrade to the current 2P reserves (2.8mmbbl), with the possibility of adding some of the 30.4 mmbbl from the 3P reserves by the end of MARCH '08
- Joint Venture to be producing 20,000 BOPD at the end of '08 (net 8,000 BOPD to CVN)
- There is still no mention of the Indonesian study that CVN undertook back in Oct '07. It apparently determines feasibility or something of that ilk for oil concessions in Indo
- Interpretation of seismic data in Australia (EP 110/EP 424) which CVN has a 35% interest. No idea when this info is to be released (Strike Oil (STX) also have an interest in this project, keep an eye on them).
- Finally, Hartley's have a buy recomm with a target of $1.01. This does not take into account future drilling successes/increases in reserves.
All the best,
JTLP
