Pan Orient Energy reports that its L53AC-C1 deviated exploration well, located in onshore concession L53, was drilled to a depth of 1,453 meters true vertical depth (1,789 meters measured depth) and encountered two zones of interest based on oil shows observed while drilling and open hole wireline logs. Upon further investigation of these two zones of interest through acquired pressure data and fluid samples, the zones were determined to be dominantly water bearing. Preparations are currently underway to plug and abandon the well.

The L53AC-C1 exploration will fulfill the $600,000USD minimum annual exploration expenditure that is required to retain all the remaining acreage of the original concession, outside of existing production licenses.

The go forward Concession L53 activities will include a multi-well workover program that is expected to commence in late January 2018, and permitting/preparations for two additional exploration locations, one of which will be drilled in mid to late 2018.