Value Microcaps Junior Energy

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POE.T POEFF... FWIW

Energy Summary for March 13, 2017
http://www.stockwatch.com/News/Item.aspx?bid=Z-C:*MKTOIL-2451765&symbol=*MKTOIL®ion=C

2017-03-13 19:51 ET - Market Summary

by Stockwatch Business Reporter

Jadestone is not the only Canadian company with Repsol-related connections in Indonesia. Pan Orient Energy Corp. (POE), up three cents to $1.63 on 31,300 shares, farmed out an Indonesian asset to Talisman-turned-Repsol in late 2014. The asset in question, called East Jabung, is not a producer; in fact Pan Orient has yet to achieve any production in Indonesia, despite having been in the country since 2008. All of its current production comes from Thailand. That production has been erratic, which is one reason why Pan Orient would like some Indonesian output added to the mix. This is taking longer than originally hoped. When Repsol took an interest in East Jabung in 2014, the idea was that the much-hyped initial exploration well, which will be financed by Repsol up to a cost of $10-million (U.S.), would be drilled in early to mid-2016. That was later delayed to the fourth quarter of 2016. It did not end up happening in 2016 at all. In January, Pan Orient said the well would be drilled toward the end of the first quarter of 2017 -- so, any time now. Pan Orient has yet to release any news lately on whether the well has been spudded, but investors seem intrigued. The stock closed today at $1.63, up from $1.20 in December and just 90 cents this time last year.