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Why would you conclude that from their production exceeding forecasts by seventy six percent?
http://finance.yahoo.com/news/deep-well-announces-production-120000213.html
http://media3.marketwire.com/docs/DWO91.jpg
In properly developed reservoirs, steam to oil ratios (SOR) decrease once production stabilises at the optimum level, which it can then hold for many years.
Pan Orient Update from june 30, on their website
Sawn Lake SAGD Demonstration Project (Andora 50% & Operator)
In June 2015, a Canadian patent was granted to a wholly owned subsidiary of Andora for a produced water boiler technology that is designed to meet regulatory water recycle requirements on a per well pair (modular) basis that would facilitate scaled development at Sawn Lake. Andora is owned 71.8% by Pan Orient.
The demonstration well pair is still in its ramp-up phase and the steam chamber has not yet reached the top of the Bluesky reservoir cap rock. For the period from June 1st to 22nd bitumen production averaged 391 BOPD with a Steam-Oil Ratio ("SOR") of 4.4. May 2015 bitumen production averaged 388 BOPD with an SOR of 4.3 (all production numbers are on a 100% basis). Production performance is exceeding the "Best" case estimate used by Sproule in the December 31, 2014 contingent resource evaluation of 345 BOPD with an SOR of 4.0. Sproule "High" case is 449 BOPD with an SOR of 3.1.
Yeah, 10Q blackout must have expired for the insiders, snapping up everything they can at dirt cheap prices while their production rolls along . . .
Things could change next week, if the New Democratic Party wins the Alberta election. They are promising to work with oil companies to figure out what kind of tax breaks and other economic policy measures they can use to promote more upgrading and refining of bitumen in Canada. This could be a big boost for DWOG, which has to truck its demo project oil out for upgrading. If there's more merchant upgraders built as a result of government financial incentives, this is good news for all of us. They plan to do it by reviewing royalty rates, with an eye to reducing the royalties for companies that upgrade and refine in Canada.
Looks like links expired. Story was in Financial Post, Canada's national finance newspaper, and in the Edmonton Journal.
Peace River project steams ahead
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Oilsands company Deep Well takes advantage of low costs
From page B1 CALGARY — Despite the collapse in global oil prices, a micro-cap oilsands company has decided to push forward with a project near Peace River while the cost of oilfield services and engineering work is low.
DAVID HOWELL/ EDMONTON JOURNAL
Curtis Sparrow, CFO of Deep Well Oil and Gas, says he believes in “buying snowshoes in the summertime.”
“I’m a firm believer in buying snowshoes in the summertime,” Deep Well Oil and Gas Inc. chief financial officer Curtis Sparrow said Tuesday. His company announced it would begin front-end engineering and design work on a small steam-based oilsands project immediately.
The price for such work has dropped precipitously along with the fall in global oil benchmarks, as larger operators have demanded a 30-per-cent cut in service costs to offset the 50-percent drop in oil prices since June 2014. The West Texas Intermediate benchmark price closed Tuesday at $53.29 US per barrel, up $1.38.
“When we did our drilling program in (the downturn of) 2008/2009, within a month people were pulling back and getting out of drilling contracts,” Sparrow said. “We pushed ahead and all of a sudden we could negotiate various services down.”
Deep Well, headquartered in Edmonton but listed on a small exchange in the United States, has previously drilled a steam-assisted gravity drainage well pair on its acreage near Peace River and was monitoring oil production from the well to determine the viability of drilling additional wells.
After posting strong production results, and thanks to better-priced oilfield services, the company now says it will go ahead with plans to drill roughly a dozen more wells into the area’s oilsands formation, where larger companies like Shell Canada Ltd. and Baytex Energy Corp. also operate.
Canada
Andora Energy Corporation, a 71.8% owned subsidiary of Pan Orient, is focused on developing the bitumen resources at the Sawn Lake property in the Peace River Oil Sands Region using SAGD development. The first step towards determining the commercial viability of the SAGD recovery process at Sawn Lake is a demonstration project to establish that the SAGD process works in the Bluesky formation reservoir and to provide an indication of the productivity of the reservoir and the amount of steam injection required to produce the bitumen.
Andora is the operator and holds a 50% working interest in the demonstration project, located in the Central Block of Sawn Lake, which commenced in 2013. For Phase 1 of the SAGD demonstration project, one SAGD well pair was drilled in the fourth quarter of 2013 to a depth of 650 meters and a horizontal length of 780 meters. Construction of the SAGD facility for steam generation, water handling and bitumen treating was completed in 2014, steam injection commenced May 21, 2014 and bitumen production commenced September 16, 2014. Capital expenditures at the Sawn Lake SAGD demonstration project were $11.3 million during 2014 related to construction of the SAGD facility, installation of the water source and disposal facilities, recompletion of the SAGD producing well for production and capitalization of expenses and revenue. The Sawn Lake Demonstration Project has not yet proven that it is commercially viable and all related costs and revenues are being capitalized as exploration and evaluation assets until commercial viability is achieved.
The results to date of the first SAGD well pair indicate that the SAGD process works in the Bluesky formation reservoir. The well is still in its ramp-up phase and Andora is now focused on reaching bitumen production of between 345 and 449 barrels of bitumen per day, with an associated SOR of between 4.0 and 3.1. These bitumen production parameters correspond to the Best and High case estimates used by Sproule in the December 31, 2014 contingent resource evaluation for the 16-30-91-12W5M well pair which was drilled in a 15 to 20 meter thick reservoir with no bottom or top water. The Company expects the steam chamber to reach the top of the Bluesky formation sandstone reservoir in April 2015 and maximum production is anticipated to occur in approximately September 2015, corresponding to the end of the first year of production. Production results to date are not necessarily indicative of long-term performance or of ultimate recovery and the Sawn Lake demonstration project has not yet proven that it is commercially viable.
The oil sands project at Sawn Lake Alberta as at December 31, 2014 was evaluated by Sproule Unconventional Limited ("Sproule Unconventional") based on development using SAGD. This evaluation does not evaluate the exploitation potential through the use of cyclic steam stimulation. Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. The contingent resource volumes estimated in the Sproule Unconventional report are considered contingent until such time as commercial recovery has been confirmed with SAGD production rates from a SAGD pilot, regulatory approvals for commercial SAGD development have been obtained and the company has a firm commercial development plan and funding for the commercial development. Contingent Resources are further classified as "High", "Best" and "Low" in accordance with the level of certainty. There is no certainty that it will be economically viable to produce any of the reported contingent resource volumes.
The December 31, 2014 contingent resource report by Sproule represents a mechanical update of the prior year's report updated for December 31, 2014 price forecasts for crude oil, bitumen, natural gas and exchange rates, and a revised date of 2019 for the estimated commencement of commercial operations, which is three years later than the date assumed in the resource report of December 31, 2013. There is no change from the estimate of company gross contingent resource volumes from the December 31, 2013 contingent resource report prepared by Sproule, which was also a mechanical update. The December 31, 2014 contingent resource report does not incorporate the results to date of the Sawn Lake demonstration project since those results are very early stage as the steam chamber continues to build and it is not expected that the maximum bitumen production level or a stabilized SOR will be reached until the third quarter of 2015.
The "Best Case" company gross contingent resources at Sawn Lake are 214 million barrels of bitumen recoverable attributed to Andora's working interests, which is 154 million barrels attributed to the 71.8% ownership interest of Pan Orient in Andora. The net present value of the "Best Case" (discounted at 10% before income tax using forecast prices) attributed to Sawn Lake contingent resources is $469 million for Andora. The amount attributed to the 71.8% ownership interest of Pan Orient in Andora is $337 million. The net present value of the "Best Case" (discounted at 10% before income tax using forecast prices) attributed to Andora's Sawn Lake contingent resources decreased by $88 million, or 16% to $469 million at December 31, 2014 from $557 million at December 31, 2013. This reduction was attributable primarily to an estimated three year delay in the expected timing for commercial operations and a repurchased by a joint venture partner in March 2014 of the 3% gross overriding royalty on a portion of the non-owned working interests in 36.5 sections that enabled the joint venture partners to fund their 50% share of the demonstration project and allow the demonstration project to move forward.
Is there a way to update the directors list on iHub page for DWOG to include Pascal and Colin Outtrim? Surprised the company has not updated its page on iHub, you would think they would want to let the world know who their directors are.
I asked a buddy who models reservoir to make the projection based on wwhat they've announced so far. He reckons they should be prducing about 350 bpd now if they haven't reached cap rock, and could reach 375 bpd when they get to the top of the steam chamber.
Still, it would be good to get some official word.
I worry about the long silence on production.
With the Laricina creditor protection today, and the Southern Pacific bankruptcy in January, it is clear that lower-than-expected production and low prices are trouble.
I know DWOG is carried by the farm out agreement and has no debt, but is the Sawn Lake project producing as the reservoir model predicted? If the actual production rate is at significant variance with the forecast production rate, that could be real trouble. We deserve to know.
We should have had a production update last week, because that's when they predicted reaching the top of the steam chamber.
So where is the news?
The last announcement we had was on Dec. 1, 2014.
At that time POE released the following information:
Bitumen production commenced at the Sawn Lake, Alberta Steam Assisted Gravity Drainage ("SAGD") demonstration project on September 16, 2014. Bitumen sales, on a 100% basis for the producing well, averaged 126, 150, and 221 barrels of bitumen per day during the first, second and partial third thirty day periods since the start-up of SAGD mode production and ending November 24, 2014. Corresponding steam oil ratios were estimated at 8.39, 7.61 and 6.32 respectively. These early stage production numbers compare favorably to an analogous reservoir in a demonstration project operated by another company of similar reservoir type that we are monitoring and using as a basis of comparison.
We know they need to hit about 350 barrels a day, and a SOR below 5, for the project to be economic. One explanation for the silence is they are nowhere close to those rates. If they have reached the top of the steam chamber, and they haven't cracked 300 barrels a day, they are a dud like Southern Pacific.
If they are doing well, or meeting targets, they should let us know. The silence only spreads fear and uncertainty.I just don't understand why you would keep information away from investors who need to make an informed decision.
Might have been too hasty about M&A. I just went down to get a coffee and ran into a couple of high-ups who were at the world heavy oil congress. They heard Pan Orient and Shell have been talking about buying the production from Sawn Lake. If that goes ahead maybe Shell will buy the project too. Wayne can you check with Horst?
Doubt there's any merger or takeover right now. No one is going to make an offer until project economics are proven. That means minimum one year production from first well pair to establish costs, then drilling at least one more well pair to see if results are similar and what is the break-even point. Drilling should be cheaper this summer because rigs are available. Don't see any M&A potential until mid to late 2016.
Your skill in stating the obvious is breathtaking. I am sure you are able to earn a good living from it.
Why create a "mystery?" when the disclosure is in the 10Q?
First production of oil in the form of bitumen began on September 16, 2014. For the period ending December 31, 2014, we reported oil revenue in the amount of $146,400 before deduction of royalties. For the period ending December 31, 2014, the volumes of oil delivered were 3,614 barrels net to our Company, before royalties, with an average oil sales price of Cdn$41.68 per barrel. The realized sales price of our oil is discounted for diluent, trucking, pipeline and additional treating costs from the West Texas Intermediate (“WTI”) benchmark price. While there has been a significant decline in oil prices, the Canadian dollar has weakened and offset some of the impact. In addition, our fuel gas costs to operate our SAGD Project steam facility plant have declined similarly to the decline in the WTI benchmark price. Our net operating margin after operating expenses is zero since at this time any negative operating margins are paid for under the farmout agreement we entered into on July 31, 2013 (the “Farmout Agreement”) to fund our share of the SAGD Project. Transportation costs are included in these operating costs. Therefore, the total share of the material costs and operating expenses of our Company’s joint SAGD Project, has been funded in accordance with the Farmout Agreement, at a net cost to our Company of $Nil. As required by the Farmout Agreement, the Farmee (as defined below) has since paid Cdn$19.4 million to the operator of the SAGD Project for the Farmee’s share and our share of the costs of the SAGD Project up to December 31, 2014. These costs included the drilling of the SAGD well pair; the purchase and transportation of equipment; installation and construction of the steam plant facility; testing and commissioning; the purchase of the water source and disposal wells and expenditures to connect these water wells to the steam plant facility along with a fuel source tie-in; and the monthly operating expenses associated with the steaming and production of the SAGD well pair up to December 31, 2014.
For the three months ended December 31, 2014, our general and administrative expenses increased by $122,598 compared to the three months ended December 31, 2013, which was primarily due to (i) an increase of $160,585 in non-cash share based compensation charged to expense, which was mainly due to vested stock options we granted on September 19, 2014 and November 17, 2014 to our directors and contractors; and (ii) an increase in engineering fees for the preparation of an independent reserves evaluation of our Sawn Lake properties. These increases were offset by (i) a decrease of foreign exchange loss of $31,485; and (ii) a decrease in legal fees. We also received $90,000 during this quarter from one of our joint venture partners in accordance with a Farmout Agreement to offset some of our monthly operational expenses. After adjusting for the non-cash items listed above, our general and administrative expenses were $180,558 for the three months ended December 31, 2014 compared to $185,295 for the three months ended December 31, 2013.
Andora share of Sawn Lake has Net present Value of $7.1 billion in high case and $5.2 billion in best case. Because of current oil price scenario, they are not assuming full commercial production (389 well pairs, estimated cost $2,2 billion) until 2019, Details on Pan Orient website, valuation is their statutory-required reserves report by an independent third party, Sproule.
http://www.panorient.ca/index.php?option=com_wrapper&view=wrapper&Itemid=116
Yeah, I agree. I mean if I am a banker, i would be happy to lend capital to an oil company, when the production costs are $80 a barrel and the oil price is $50 a barrel. Yup, you bet. As a banker, I'd be hauling people off the street to hand them them bucketfuls of cash with those economics. I mean who wouldn't?
Directors are restricted from selling for many months after acquisition, and need a legal ruling before broker will allow them to sell the restrictions. Also, directors cannot buy during blackout periods (quarterly and annual filings, and AGM). With the 10K filed late I am sure the blackout was very long.
There will be proof of concept, but I doubt the share price will go up.
The bad guys who were behind the TAMM scam a few years ago (they had to book a $62 million loss on their company after they got caught) still own about 20 million shares. They dump these systematically every time there is a positive development in Deep Well.
They probably issued themselves these treasury shares for nothing when they floated the "bad old" version of the company, so a sale at any price is a big profit for them. As long as that hangover is being manipulated there's no real free market price for DWOG shares.
Reason to buy/hold is the asset value. The oil is real, it will be economically viable at a 375 barrel a day production level, even with the drop in international price. The future looks good, in the short term the share price will be a roller coaster.
Merry Christmas to all on this board. Thanks for the interesting discussions and updates, and best to you and yours for the holiday season and the year to come.
They're taking it slow and steady.
See page 21 of the presentation below.
They plan to drill the second well pair summer 2015, timeframe third quarter of the year (most likely July) contingent on evaluation of the first well pair.
Since they expect to achieve planned production (commercially viable) of 340 barrels or more by the end of March 2015, they are obviously going to make sure the project will make money, even with oil prices falling more than a third in the last few months.
They might have drilled faster if oil prices stayed high.
With today's low prices they are taking their time.
Since the oil isn't going anywhere, this is a good approach.
http://www.panorient.ca/images/stories/file/financial_reports/Pan_Orient_Presentation_Dec1-2014.pdf
Good to see they are forecasting commercially viable rates of production in March 2015. Considering WTI is $65, that is very impressive. Also, acrock as an early investor has every reason to express frustration. But we should all look to the future instead of rehashing the past. The company now has a strong board of directors and the future looks very bright. It is equally fair to say that the strength of the board also reflects Horst's leadership, and his ability to attract both investment and competent directors.
Looks good. Steady progress. Everything on plan. They are taking their time to make sure everything is going as expected before they make decisions about next steps. From what I have seen in their 51-101 filing, the project should be commercially viable even with $60 oil. Wayne have you been in contact with Horst about DWOG's own interpretation of these results? It would be nice to know their take on the progress to date.
At least two dollars a share, and pushing closer to three dollars a share. 240 million barrels of reserves and resources, worth $3 a barrel in the ground, mean a valuation of $720 million right now. New reserves and resources report has to be filed by end of year, i believe. Production will send that value north.
Huge volume again. Insiders must have standing buy orders at these low price points. Looks like they're trying to take it private. Once the insiders get more than 80 per cent of the shares, they can make the rest of us a good offer for our shares, if we stick together and hold firm on the selling price.. M&P is obviously in for the long term. Who is selling out at 20 cents? That's what i'd like to know...
Text of the Amending Agreement, from the filing on EDGAR
Exhibit 10.2
AMENDING AGREEMENT
to Farmout Agreement made as of July 31, 2013
THIS AMENDING AGREEMENT is dated effective as of November 17, 2014.
AMONG :
MP WEST CANADA SAS , a body corporate, incorporated pursuant to the laws of the France (hereinafter referred to as " MP West ")
- and -
NORTHERN ALBERTA OIL LTD. , a body corporate, incorporated pursuant to the laws of the Province of Alberta (hereinafter referred to as " NAOL ")
- and -
DEEP WELL OIL & GAS (ALBERTA) LTD. , a body corporate, incorporated pursuant to the laws of the Province of Alberta (hereinafter referred to as " Deep Well ")
WHEREAS:
(A) MP West, NAOL and Deep Well are parties to the Farmout Agreement dated July 31, 2013 (the " Farmout Agreement "); and
(B) MP West, NAOL and Deep Well wish to amend the Farmout Agreement, as set forth in this Amending Agreement.
NOW THEREFORE, in consideration of the premises and the respective covenants and agreements set forth herein and in the Farmout Agreement, the parties hereto agree to follows:
1. INTERPRETATION
This Amending Agreement is supplemental to and shall form one agreement with the Farmout Agreement and the Farmout Agreement and this Amending Agreement shall be read together and have effect so far as practicable as though all the provisions thereof and hereof were contained in one instrument.
2. AMENDMENTS
The Farmout Agreement is amended as follows:
2.1 by deleting the date "December 31, 2014" from the last line of Section 4.1 of the Farmout Agreement, and replacing it with the date "December 31, 2015".
3. CONFIRMATION
The parties hereto hereby acknowledge and confirm that, except as specifically amended by the provisions of this Amending Agreement, all of the terms and conditions contained in the Farmout Agreement are and shall remain in full force and effect, unamended, in accordance with the provisions thereof.
4. ENUREMENT
This Amending Agreement shall be binding upon and shall enure to the benefit of the parties hereto and their respective successors and assigns.
5. TIME
Time shall be of the essence of this Amending Agreement.
6. GOVERNING LAWS
This Amending Agreement shall be governed by and construed in accordance with the laws of the Province of Alberta.
7. EXECUTION IN COUNTERPART
This Amending Agreement may be executed by the parties in separate counterparts (and by facsimile transmission or by a scanned copy by electronic mail) each of which when so executed and transmitted or delivered shall be an original, but all such counterparts shall together constitute one and the same agreement.
IN WITNESS WHEREOF the parties hereto have caused this Amending Agreement to be duly executed as of the day and year first above written.
NORTHERN ALBERTA OIL LTD. MP WEST CANADA SAS
Per: /s/ Curtis J. Sparrow Per: /s/ Alain Torre
DEEP WELL OIL & GAS (ALBERTA) LTD.
Per: /s/ Curtis J. Sparrow
Challenger, from my knowledge of SAGD, the first cut is usually 80 per cent or more water, and they would be lucky to produce more than 50 barrels a day for the first month.
By the end of month two, where we are now, "stable" bitumen production rates would be in the order of 80-100 barrels a day.
As the steam chamber grows, production starts climbing, with peak production coming about a year after first steaming, and staying there for many many years.
I am quite sure their numbers are in the 90-100 barrel a day range or maybe even slightly below, which could be why they don't want to announce it right now. For anyone who doesn't understand how SAG-D builds production with a year's head of steam, today's production figures can make the project look like a "failure." So the caution about the numbers makes sense, because they need to be understood in context.
anything more than 100 barrels a day right now would be GREAT news. I'm guessing they're not quite there yet, which is why they're going into the "period of evaluation."
If they hit the 200-barrel-a-day mark at the end of month five, they will be well on schedule and well on their way to demonstrated economic viability.
Good to see Colin Outtrim on the DWOG board, that is a huge vote of confidence.
Production update is out this morning.
"In September 2014, the SAGD project, in which the company is a 25% participant, commenced production. Since then stable production of bitumen has been demonstrated. Now a production evaluation period of 2-4 months has been launched to assess the production levels and the steam oil ratio."
Full release is here:
http://www.marketwired.com/press-release/deep-well-appoints-leading-petroleum-engineer-to-its-board-of-directors-otcqb-dwog-1969772.htm
If you are a shareholder, feel free to bail any time.
If you're just here as a taunter, here's a good way to polish up your act:
There's a real good illustration of the production site, showing the steam vessel, the storage tanks, and all the production facility, on page 29 of the investor presentation below. Notice they say "long term production is underway" but do not give barrel numbers. Because it takes a year for a SAGD well pair to ramp up to the highest sustainable production rate, I think they will sit tight for a while on the number of daily barrels. At this point, anything more than 100 barrels a day from the first well pair is good, ramping up toward 500 barrels a day by next fall. Then it keeps producing for a couple of decades.
http://www.maureletprom.fr/joomdocs/MAU_October_14.pdf
Wayne it was good enough for Maurel et Prom to pay 48.8 cents a share for their 20 per cent equity stake well before production, when the stock was trading for a nickel!
You might find that insiders are buying up all they can. Maybe they will take the company private. Buying in the market during panic selling by retail investors is a cheap way to privatize.
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=10217873-1332-10832&type=sect&TabIndex=2&companyid=3008&ppu=%252fdefault.aspx%253fcik%253d869495
October is always a sell-off month in markets. Suncor is at its highest ever production, economics are robust, but it's down from $44 three weeks ago to $35 and falling today. People who live and die by price are dumping. Those who buy and hold on value aren't budging. That's the nature of the market. Re Sawn Lake, the pilot well will keep producing for at least 25 years, and obviously there is enough capitalization to pay for more wells and more production. So depends on whether you are a price-driven or value-driven investor. If you a price-driven person who bought DWOG for a nickel, you are still making a huge profit by selling for 25 cents.
Company is years away from paying dividends. Wouldn't expect any until they are producing minimum five thousand barrels a day and even then they might put revenues into expansion. Startups usually don't pay dividends until they have strong, predictable revenue streams. They are at least three years away. In 2013 they had a distribution of capital out of investment proceeds. Not a dividend at all.
I met Mr. Sparrow at a conference this week. He is a very knowledgable guy. We are in good hands.
Wayne my guys tell me there is lots more tankers on those roads since production, could you find out from Horst if those are all weather roads or if we will be held up for six weeks during freeze up. Please let him know we are all waiting for their production update in early to mid November (they said six to eight weeks) to figure out how many barrels they are getting out of the first well.
The 8K they filed today shows a block of 45 million shares that abstained on executive pay. That's probably the block still held by the original promoters, the pump-and-dump artists who were forced to the sidelines a few years ago. Pretty sure they are dumping shares any time there is good news coming out of DWOG. They probably gave themselves the shares for nothing when they floated the company, so even at 30 cents they are making lots.
Looks like the majority shareholder is snapping up every thing that is up for sale wonder if he is consolidating to take it private and what price he might offer the res of us. Anything around $2 a share would sure be a good deal for all concerned.
Insider Transactions Reported - Last Two Years
Date Insider Shares Type Transaction Value*
Jun 5, 2014 YOUYOU MALIK
Director
25,000 Indirect Purchase at $0.29 per share. 7,250
Jun 4, 2014 YOUYOU MALIK
Director
25,000 Indirect Purchase at $0.29 per share. 7,250
Jun 3, 2014 YOUYOU MALIK
Director
25,000 Indirect Purchase at $0.29 per share. 7,250
Jun 2, 2014 YOUYOU MALIK
Director
25,000 Indirect Purchase at $0.29 per share. 7,250
May 30, 2014 YOUYOU MALIK
Director
25,000 Indirect Purchase at $0.29 per share. 7,250
May 28, 2014 YOUYOU MALIK
Director
25,000 Indirect Purchase at $0.29 per share. 7,250
May 27, 2014 YOUYOU MALIK
Director
16,030 Indirect Purchase at $0.29 per share. 4,648
May 22, 2014 YOUYOU MALIK
Director
5,308 Indirect Purchase at $0.29 per share. 1,539
May 15, 2014 YOUYOU MALIK
Director
3,662 Indirect Purchase at $0.29 per share. 1,061
May 14, 2014 YOUYOU MALIK
Director
1,935 Indirect Purchase at $0.27 per share. 522
May 13, 2014 YOUYOU MALIK
Director
7,421 Indirect Purchase at $0.29 per share. 2,152
May 12, 2014 YOUYOU MALIK
Director
452 Indirect Purchase at $0.29 per share. 131
May 9, 2014 YOUYOU MALIK
Director
40,192 Indirect Purchase at $0.29 per share. 11,655
May 8, 2014 YOUYOU MALIK
Director
11,525 Indirect Purchase at $0.29 per share. 3,342
May 6, 2014 YOUYOU MALIK
Director
1,150 Indirect Purchase at $0.29 per share. 333
May 5, 2014 YOUYOU MALIK
Director
225 Indirect Purchase at $0.29 per share. 65
May 2, 2014 YOUYOU MALIK
Director
100 Indirect Purchase at $0.29 per share. 29
May 1, 2014 YOUYOU MALIK
Director
12,000 Indirect Purchase at $0.29 per share. 3,480
Apr 30, 2014 YOUYOU MALIK
Director
25,000 Indirect Purchase at $0.29 per share. 7,250
Apr 29, 2014 YOUYOU MALIK
Director
25,000 Indirect Purchase at $0.29 per share. 7,250
Apr 28, 2014 YOUYOU MALIK
Director
25,000 Indirect Purchase at $0.29 per share. 7,250
Apr 22, 2014 YOUYOU MALIK
Director
50,000 Indirect Purchase at $0.28 - $0.29 per share. 14,0002
Mar 31, 2014 YOUYOU MALIK
Director
73,650 Indirect Purchase at $0.28 - $0.29 per share. 21,0002
Mar 28, 2014 YOUYOU MALIK
Director
25,300 Indirect Purchase at $0.28 - $0.3 per share. 7,3372
Mar 27, 2014 YOUYOU MALIK
Director
25,000 Indirect Purchase at $0.30 per share. 7,500
Mar 26, 2014 YOUYOU MALIK
Director
50,000 Indirect Purchase at $0.30 per share. 15,000
Mar 25, 2014 YOUYOU MALIK
Director
25,000 Indirect Purchase at $0.30 per share. 7,500
They're producing oil. What's your issue? Maybe "bitumen production" means something else in Panama and Zurich than it does here in Calgary. They said they would produce oil. they are. What are the "delays and excuses" you are talking about?
Good to see they are producing oil. Looks like they are not going to announce production volume for a few weeks.
Here's the confirmation of oil production:
Pan Orient Energy Corp.: Sawn Lake Alberta SAGD Heavy Oil Operations Update
Sep 17, 2014 - 08:30 ET
CALGARY, ALBERTA--(Marketwired - Sept. 17, 2014) - Pan Orient Energy Corp. ("Pan Orient" or the "Corporation") (TSX VENTURE:POE) is pleased to provide an update on the Sawn Lake, Canada, steam assisted gravity drainage ("SAGD") demonstration project on behalf of Andora Energy Corporation ("Andora"), in which Pan Orient has a 71.8% ownership interest.
Andora has a 50% working interest in the Sawn Lake, Alberta SAGD demonstration project, and is the operator. The first step towards determining the commercial viability of the SAGD recovery process at Sawn Lake is for the demonstration project to provide an indication of the productivity of the reservoir and the amount of steam injection required to produce the bitumen, which are key components in assessing the potential for SAGD development at Sawn Lake.
For Phase 1 of the SAGD demonstration project, one SAGD well pair was drilled in the fourth quarter of 2013 to a depth of 650 meters and has a horizontal length of 780 meters. Construction of the facility for steam generation, water handling and oil treating was completed in the second quarter of 2014. Steam injection commenced May 21, 2014 to warm up the reservoir and establish communication between the SAGD steam injection well and the SAGD producing well which are five meters apart.
During the past 10 days the SAGD producing well has been recompleted for production with the installation of an electric submersible pump and a fibre optic data gathering string and the reservoir has been reheated through the resumption of steam injection by the SAGD injector well.
On September 16 bitumen production commenced. It is anticipated that a stable daily bitumen production rate and associated steam oil ratio will be achieved within the next six to eight weeks, at which time Pan Orient will provide an update to shareholders.
Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations located onshore Thailand, Indonesia and in Western Canada.
This news release contains forward-looking information. Forward-looking information is generally identifiable by the terminology used, such as "expect", "believe", "estimate", "should", "anticipate" and "potential" or other similar wording. Forward-looking information in this news release includes, but is not limited to, references to: the success, stability and timing of bitumen production rates and associated steam oil ratio and the timing of future updates to shareholders. By their very nature, the forward-looking statements contained in this news release require Pan Orient and its management to make assumptions that may not materialize or that may not be accurate. The forward-looking information contained in this news release is subject to known and unknown risks and uncertainties and other factors, which could cause actual results, expectations, achievements or performance to differ materially, including without limitation: changes in project schedules, well test, operating and reservoir performance, the effects of weather and climate change, other technical and economic factors or revisions and other factors, many of which are beyond the control of Pan Orient. Although Pan Orient believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Readers are cautioned that well test results, when announced, will not necessarily be indicative of long-term performance or of ultimate recovery.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Pan Orient Energy Corp.
Jeff Chisholm
President and CEO
(located in Bangkok, Thailand)
jeff@panorient.ca
Bill Ostlund
Vice President Finance and CFO
Telephone: (403) 294-1770