Pan Orient Provides Update on Shinta-1 Exploration in Indonesia

Pan Orient Energy Corp. (TSXV:POE) announced that it has already completed its Shinta-1 exploration drilling in Sumatra to a depth of 6,297 feet, which showed oil from a depth of depth of approximately 1,300ft.

As quoted in the press release:

Shinta-1 was drilled with an estimated total cost of approximately $3.4 million, 29% below the government approved AFE of $4.8 million. This well was the first to be drilled with the new drilling team led by Pan Orient’s recently hired Chief Operating Officer Edward Bush, who is based in Jakarta, Indonesia.

Click here to read the full Pan Orient Energy Corp. (TSXV:POE) press release.