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Pan Orient Energy Corp.

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Msg  512 of 1370  at  2/27/2012 10:40:14 AM  by


Why sell now?

Even though they won't be going back into this until May, POE is catalyst rich with Indonesian results, additional Thai drilling and a potential Cdn heavy oil monetization coming. Trading at less than 3 X EV/CF doesn't seem like the time to sell yet.

IMPACT – Positive; Adds Significant Sandstone Production
The L53-D2 discovery well and the L53-DST3 appraisal well have evaluated the first
of three fault compartments of the L53-D East Structure. Results to date have been
better than pre-drill estimates and could result in a substantial increase in reserves.
The mid-case pre-drill resource estimate of the L53-D East structure is 7.4 million
barrels (Figure 1). With development of the L53-D East structure, the majority of
POE’s production will be from the more predictable sandstone reservoirs.
Action – BUY on 2012 Exploration Drilling Program
POE is now focused on attaining production licenses for L53-D East
structure with drilling expected to resume in late May 2012. We maintain our BUY
recommendation and our $7.85 target price on POE’s exploration and development
drilling program in Thailand and its high impact exploration drilling program in

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