Pan Orient Energy Corp (OTCMKTS:PGLO) was up 49% after offering a corporate and operations update. The board of directors of Pan Orient Energy has announced the commencement of the process to speed up shareholder value.
Market Reaction
On Friday, PGLO stock surged 49% at $0.0258 with more than 1.02 million shares, compared to its average volume of 1.39 million shares. The stock has moved within a range of $0.0213 – 0.0397 after opening the trade at $0.0213.
Operations and Corporate Update
The company expects the process to involve the Sean lake, Canada, and Thailand assets once completed in 2022. Alreadydiscussions on the assets are ongoing with interested players, and it appears there is no individual potential purchase that will be interested in both assets because of their contrasting nature, with distinct transactions more likely. Possible proceeds for sale will be returned to shareholders in a capital return.
The company reported that July, August, and September average Thailand oil sales for Concession L53 were 2,250 BOPD, 3,135 BOPD, and BOPD, 3,023 respectively. For the first 23 days of October, oil sales averaged 3,191 BOPD despite around 390 BOPD being shut since October 13, 2021, because of flooding seen in the Suphan Buri Region. Production will be back in the next 14 to 21 days. So in the coming months, investors should keep an eye on POEFF.
