JAKARTA (rambuenergy.com) – Calgary, Canada-based Pan Orient Energy Corp said it will partner with Talisman Energy Inc. which will act as the operator in developing Anggun Prospect in East Jabung Production Sharing Contract (PSC), onshore Sumatera.
The announcement came after the company revealed a positive oil prospective resources in the Anggun prospect carried out by third party engineer NI-51-101.
The mean estimated ultimate recoverable oil prospective resources of 44,28 and 51 million barrels net to Pan Orient’s 49% working interest in three respective potential reservoir horizons ((Intra Air Benakat Fm, Guma FM and Batu Raja FM)) at the Anggun Prospect. Talisman will hold 51 percent interest in East Jabung PSC.
The Anggun Prospect at the Indonesia East Jabung PSC as at June 30, 2015 was evaluated by GCA. Prospective Resources are defined as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects.
“We are very pleased to disclose to shareholders the third party engineer estimates for a prospect of a size that is typically found only in deepwater or very remote areas of the world,” Pan Orient President and CEO Jeff Chisholm commented.
“The Anggun prospect is a relatively shallow, onshore, high impact target adjacent to existing infrastructure and possesses some of the best fiscal terms in Indonesia. Success at Anggun would have the potential to materially transform Pan Orient within a framework of manageable appraisal and development costs and in the context of Pan Orient’s available financial resources,” he said. (*)