October 2013 Page 01
Cautionary Statement Page 02 This presentation contains forward looking statements which involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies including those risk factors associated with the oil and gas industry, many of which are outside the control of and may be unknown to Pan Orient. No representation, warranty or assurance, express or implied, is given or made in relation to any forward looking statement. In particular, no representation, warranty or assumption, express or implied, is given in relation to any underlying assumption or that any forward looking statement will be achieved. Actual and future events may vary materially from the forward looking statements and the assumptions on which the forward looking statements were based. Given these uncertainties, readers are cautioned not to place undue reliance on such forward looking statements, and should rely on their own independent enquiries, investigations and advice regarding information contained in this presentation. Any reliance by a reader on the information contained in this presentation is wholly at the readers own risk. Readers are cautioned that well test results are not necessarily indicative of long-term performance or of ultimate recovery. Pan Orient and its related bodies corporate and affiliates and their respective directors, partners, employees, agents and advisors disclaim any liability for any direct, indirect or consequential loss or damages suffered by a person or persons as a result of relying on any statement in, or omission from, this presentation. Subject to any continuing obligations under applicable law or any relevant listing rules of the TSX-V, Pan Orient disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in this presentation to reflect any change in expectations in relation to any forward looking statements or any such change in events, conditions or circumstances on which any such statements were based.
Corporate Snapshot Page 03 Share price performance over last 12 months Oil Reserves-Thailand – Barrels Dec 31/12 (NPV@10% after tax) Capital Structure Shares Outstanding 56.7 million Proven 0.40 million ($18 million) Proven + Probable 1.1million ($42 million) Shares Fully Diluted 62.0 million Production (September) 1,014 BOPD + 151 bopd Working Capital $54 million CDN shut-in (1 Jul 2013) Contingent Resources Heavy Oil – Canada – Barrels Dec 31/12 Debt nil 1C 140 million Market Capitalization $117million CDN 2C 154 million Current Share Price $2.07 Production Planned for early 2014 from pilot project 3
Introduction Page 04 • History of value creation onshore Thailand : – Concessions L44 & L33 purchased October 2007 for $7.5 million and sold June 2012 for L53 L45 $172 million – September 2012 Return of capital to POE shareholders of $0.75/share • Concession L53 & L45 - Success with drill bit: – Concession L53 signed in 2007 for a 3 year work program commitment of $1.7 million – 1 developed oil discovery at L53A and 2 undeveloped that were made in 2013 at L53D East (shallow) & L53-G – September production of ~1,014 BOPD with South CPP an additional 150 bopd shut-in East Jabung – Significant remaining exploration upside Batu Gajah • Large, high impact, high quality Indonesia exploration portfolio Exploration Exploration & Production • End Q2/13 working capital & deposits of $54 million
SE Asian Assets Page 05 Exploration Exploration & Production L53: 100% POE Operated 1,014 BOPD L45: POE Farmed-in to earn up to 60% with seismic program and two wells Batu Gajah PSC: 77% POE Operated Status: 400 km2 of 3D seismic just completed South CPP PSC: 77% POE Operated Currently seeking a 40% partner Status: Relinquished pending 2013 Remaining Work Program Thailand East Jabung PSC: 100% POE Operated - 4 workovers ($2MM) Status: 2D seismic underway, currently Indonesia Citarum PSC: 97% POE Operated seeking a 50% partner - 2D seismic East Jabung ($5MM) Status: Currently seeking a 40% partner Canada - SAGD Pilot ($2MM)
L53 Thailand Page 06 • 3 fields discovered Oil Kitchen B A North Prospect L53 L45 • L45 concession farm-in 2012 • 1MM bbls 2P reserves December New 3D A Central Prospect 31, 2012 in L53 • 3 new pool oil discoveries at L53-D East (shallow) & 1 new oil field Oil Kitchen A discovery at L53-G since the Dec 31, 2012 reserves assessment Old 3D L53-D East Field • L53-A Field 260 square kms of new 3D seismic finished acquisition June 2013 L53-G Field • 5 new exploration location EIA’S approved on September 27/13 Prospects Mature Source Kitchen
BOPD 1000 1500 2000 2500 500 0 Dec-09 Jan-10 Year end 2013 Discoveries made at L53-G and L53-D East in 2013 that will be assessed at Reserves as estimated by Sproule at year end 2012. Excludes Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Crude Oil Production Chart Field Plot 2009 Onwards Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 L53 Block Production chart Jun-11 Jul-11 Aug-11 All Wells Sep-11 Month Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Page 07 Jul-13 Aug-13 Sep-13
2013 Thailand Cash Flow Metrics Page 08 Pan Orient Estimated Annualized Concession L53 2013 Cash Flow (Cdn$ millions) Based on US$ Brent & Oil Sales per Day 60 50 40 30 20 10 - 500 BOPD 1,000 BOPD 1,500 BOPD 2,000 BOPD 2,500 BOPD US$70 8 17 27 37 44 US$80 9 20 32 40 47 US$90 11 24 35 43 51 US$100 12 27 38 47 55
L53-D East Shallow Page 09 A1 Sand Structure • 4 fault compartments have been proven oil bearing at the shallow sand level comprising approx 1.41 km 2 in maximum areal extent with 10-40 meters of net oil pay 0.44km 2 • 4 fault compartments remain un 0.44 km 2 drilled comprising maximum structural closures of 1.28 km 2 • Heavy ~14 degree API oil at depth of 0.54 km 2 0.40 km 2 approximately 450-550 meters which creates certain operational challenges L53-DCEXT 0.16 km 2 currently being addressed L53-DC1 0.28 km 2 0.43 km 2 L53-DC3 L53-DC4ST1 1.41 km 2 Proven: 1.28km 2 Undrilled:
A Central Prospect Page 010 A’ A A Central DHI’s DHI’s 5.4 km Suphanburi Kitchen Kamphaeng Saen Kitchen 40 km A’ • Large ~15km 2 in maximum areal extent, dominant regional high located between the Kamphaeng Saen and Suphanburi source kitchens • Clearly imaged on the 3D acquired in 2013 • Amplitude supported • 3 surface locations with 4 wells each covering the structural closure received EIA (environmental) approval on September 27/13 • Drilling planned for end 2013 depending on rig availability A
A North Prospect Page 011 A’ A DHI’s U Thong Field 4.5mm BBLS Cumulative production A North Prospect PTTEP A’ Pan Orient A North L53 Prospect A
A North Prospect Page 012 A North B A 2.25km2 0.88 km2 PTTEP B Pan Orient L53 DHI’s 1.13km2 A
Citarum PSC West Java Page 013 CITARUM OPERATIONS Jakarta 256 Bcf 750 Bcf JATAYU -1 • Citarum PSC West Java (POE 97% & Operator) CATAKA -1 • Large resource potential • Currently seeking 40% WI partner • Strongest domestic gas market in Indonesia LODAYA -1 • Nearby infrastructure • 1 dry hole, 1 sub commercial gas discovery and 2 wells targeting the largest structural closures failed to reach their objectives due to drilling difficulties • Drilling planned post farmout Gas Oil 2D Seismic Prospects Leads Gas Fields Oil Fields Citarum PSC Pipeline Pipeline
Batu Gajah PSC Sumatra Page 014 Batu Gajah PSC Pan Orient 3D Seismic 2013 • Batu Gajah PSC South Sumatra (POE 77% & Gas Fields Operator) Oil Fields • Large resource potential – 9 prospects Gas Condensate Fields • Expiry Jan 2017 Wells Drilled (POE) Prospects • Seeking 40% WI partner • 85 GOI/15 POE profit split on oil • Drilling planned post farmout Akitara East Rafa East Jabung PSC POE 100% Kemala Sogo Utara Raka Takar
Akitara Discovery Area Page 015 Time Structure Upper Talang Akar • Ramba Energy the operator of the Lemang PSC directly adjacent to the Interpreted Maximum POE operated Batu Gajah PSC recently 17.4 km 2 announced the third successful well in to the Akitara structural closure Akitara-2 TD location (Akitara-2) • While POE has no access to any Akitara-1 information regarding the three wells drilled by Ramba other than through their press releases, we do have the well coordinates provided through Selong-1 Interpreted Most Likely various scout organizations and 2D 9.6 km 2 seismic data coverage over the area RAMBA POE PETROCHINA • Akitara-1 was drilled approximately 175 meters from the concession boundary Interpreted Minimum and Selong-1 was drilled approximately 5.1 km 2 500 meters from the concession boundary. The deviated Akitara-2 well Interpreted Minimum had a location at total depth 3.2 km 2 approximately 3 km from the concession boundary 1.5 KM Interpreted Minimum 1.7 km 2 • It appears that at any given likely Interpreted Minimum structural spill point, approx 15-20% of 2.5 km 2 the structural closure on Ramba acreage exists on POE acreage including a large portion of the crest of the structural closure. Indonesian regulations state “shared” discoveries must be unitized
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