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Pan Orient expects transfer of 51% stake in East Jabung PSC completed in Q1 2015

JAKARTA (Rambu Energy) – Pan Orient, a Calgary, Alberta based oil and gas exploration and production company, said it expects to finalize the farm-out 51 percent working interest in the East Jabung production sharing contract (PSC) in onshore Sumatera to Talisman Energy Inc. in the first quarter of 2015.

“Activities in the first quarter of 2015 will be focused on the transfer of a 51 percent interest and operatorship to a subsidiary of Talisman Energy Inc. and finalizing the various government of Indonesia approvals required,” the company said.

On Nov. 11, the company entered into an agreement to farm-out a 51-percent interest in the East Jabung PSC to a subsidiary of Talisman Energy Inc. for a US$9.2 million upfront cash payment and funding of the first US$11.4 million spent towards drilling of the potentially high impact Anggun prospect.

The company plans to drill the Anggun prospect in the fourth quarter of 2015 to the second quarter of 2016 depending on the well access route that is secured.

Pan Orient also said that it has made “significant progress” in the farm-out effort of the Citarum PSC onshore Java, Indonesia.

In 2014, the company’s focus in Indonesian operation is on the completion of the seismic programs at East Jabung and Batu Gajah as well as on negotiating farm-out arrangements for exploration drilling at the East Jabung, Batu Gajah and Citarum PSCs.

Pan Orient spent US$5.8 million during the nine months of 2014, with US$4.3 million in the first quarter, $0.7 million in the second quarter and $0.8 million in the third quarter.

On a year to date basis,the company has spent $5.0 million to complete the 440 kilometer 2D seismic program at the East Jabung PSC, $0.7 million for the 400 square kilometer 3D seismic program and capitalized general and administrative expenses at the Batu Gajah PSC and $0.1 million for equipment inventory.

Pan Orient owns 100 percent and operates the East Jabung PSC Onshore Sumatra. (*)

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