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Pan Orient Energy Corp. - 2021 Third Quarter Financial & Operating Results

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  • POEFF

CALGARY, AB, Nov. 10, 2021 /CNW/ - Pan Orient Energy Corp. ("Pan Orient" or the "Company") (TSXV: POE) reports 2021 third quarter consolidated financial and operating results. Please note that all amounts are in Canadian dollars unless otherwise stated and BOPD refers to barrels of oil per day.

Pan Orient Logo (CNW Group/Pan Orient Energy Corp.)
Pan Orient Logo (CNW Group/Pan Orient Energy Corp.)

The Company is today filing its unaudited consolidated financial statements as at and for the nine months ended September 30, 2021 and related management's discussion and analysis with Canadian securities regulatory authorities. Copies of these documents may be obtained online at www.sedar.com or the Company's website, www.panorient.ca.

Commenting today on Pan Orient's 2021 third quarter results, President and CEO Jeff Chisholm stated: "The third quarter of 2021 saw the highest quarterly oil sales revenue since production first began in Thailand Concession L53. This was despite severe flooding conditions that resulted in some production shut-ins, from approximately October 13th, that are now mainly back on-stream. This was a testament to a job well done by Pan Orient's operations staff. We are now focused on a series of workovers, that with success, will define new reserves in the AA2 sand, which had no reserves attributed to it at year-end 2020, and the asset sales process announced on October 28, 2021."

HIGHLIGHTS

Thailand (net to Pan Orient's 50.01% equity interest in the Thailand Joint Venture)

  • Net to Pan Orient's 50.01% equity interest in the Thailand Joint Venture, oil sales from Concession L53 in the first nine months of 2021 were 1,385 BOPD, with 1,179 BOPD from the L53-DD field.

  • Adjusted Thailand funds flow from operations after tax of $5.3 million ($41.45 per barrel) in the third quarter of 2021 increased 6% compared with $5.0 million ($39.60 per barrel) in the second quarter of 2021. Per barrel amounts during the third quarter of 2021 were a realized price for oil sales of $87.55, transportation expenses $2.36, operating expenses $5.21, general and administrative expenses $1.68, foreign exchange loss and other $0.18, a 5% royalty to the Thailand government $4.67 and income tax $32.00. Oil sales revenue during this period was allocated 11% to expenses for transportation, operating, and general & administrative, 42% to the government of Thailand for royalties & income tax, and 47% to the Thailand Joint Venture.

  • Thailand adjusted funds flow from operations of $14.7 million in the first nine months of 2021 funded $5.0 million of Thailand exploration and development activities and dividends paid to Pan Orient from the Thailand Joint Venture of $8.6 million. Pan Orient's share of working capital and long-term deposits in Thailand at September 30, 2021 was $5.3 million.

Indonesia East Jabung Production Sharing Contract (Pan Orient is non-operator with a 49% ownership interest)

  • The East Jabung Production Sharing Contract ("PSC") expired in January 2020 and the operator is determining final steps to be taken for formal approval of the expiry from the Government of Indonesia. The estimated cost by the operator for abandonment and reclamation of the East Jabung PSC is US$0.7 million (Cdn$0.9 million) net to Pan Orient's 49% interest.

  • Activities of the Company in Indonesia are reported in 2020 and 2021 as discontinued operations. Discontinued operations in Indonesia for 2021 were $168 thousand of expenses and $7 thousand of unrealized foreign exchange gains on currency exchange rates since the end of 2020. In addition, during the third quarter of 2021 the Company recorded $0.6 million in the current decommissioning expense for discontinued operations related to the East Jabung PSC. The total provision recorded for abandonment and reclamation for East Jabung PSC at September 30, 2021 is $0.9 million.

Sawn Lake (Operated by Andora Energy Corporation, in which Pan Orient has a 71.8% ownership)

  • For the first nine months of 2021, Pan Orient reports total operating expenses of $220 thousand associated with the Sawn Lake suspended SAGD facility and wellpair. In addition, the estimated decommissioning provision for Sawn Lake was reduced by $0.9 million during the third quarter of 2021 based on an assessment of Sawn Lake by a specialized third-party reclamation company.

Corporate

  • Corporate adjusted funds flow from operations (including Pan Orient's 50.01% equity interest in the Thailand Joint Venture) was $5.0 million ($0.10 per share) in the third quarter and a total of $12.3 million ($0.24 per share) for the first nine months of 2021. The increase in the third quarter from $3.9 million ($0.08 per share) in the second quarter of 2021 was primarily due to a $0.3 million increase in Pan Orient's equity interest in Thailand Joint Venture adjusted funds flow from operations and unrealized foreign exchange gain on Canadian cash holdings denominated in US dollars.

  • Net income attributable to common shareholders for the first nine months of 2021 was $5.5 million ($0.11 income per share). This compares to a net loss attributable to common shareholders for the first nine months of 2020 of $59.2 million ($1.12 loss per share), with a net $57.6 million impairment charge for the Sawn Lake, Alberta Exploration and Evaluation assets at March 31, 2020.

  • Pan Orient repurchased 1,950,100 common shares in the first nine months of 2021, at an average price of $0.87 per share, for $1.7 million. The Company repurchased 87,100 shares in the third quarter at an average price of $1.09 per share. Common shares outstanding at September 30, 2021, and currently, are 49.8 million.

  • Pan Orient is in a strong financial position with working capital and non-current deposits of $28.4 million, mainly comprised of cash and cash equivalents held in Canada, and no long-term debt at September 30, 2021. In addition, the Thailand Joint Venture has $5.3 million in working capital and long-term deposits, net to Pan Orient's 50.01% equity interest, and Thailand funds flow from operations are expected to increase the Company's cash balance during the remainder of 2021.

OUTLOOK

THAILAND

Concession L53 Onshore (Pan Orient Energy (Siam) Ltd., in which Pan Orient has 50.01% ownership)

We are now focused on a series of workovers, that with success will define new reserves in the AA2 sand, which had no reserves attributed to it at year-end 2020. In addition, an updated reservoir simulation is underway that will incorporate: 1) updated production data, 2) some AA sand model changes made in response to observed production performance, and 3) the addition of the AA1 and AA2 sands into the model. No further drilling is anticipated in 2021.

CORPORATE

The Company has started a process to accelerate shareholder value given the mid to late stage development of Thailand, the desire to allocate no further funds to the Sawn Lake asset, and strength in current oil prices. It is expected this process will involve both the Thailand assets and the Sawn Lake, Canada assets, and be completed by mid-2022. Discussions for both assets are currently underway with interested parties. It seems most likely that no individual potential purchaser is interested in both assets due to their contrasting nature, and that distinct transactions are the more likely outcome. It is intended that the proceeds from any potential sale of any of the assets will be returned to Pan Orient shareholders through a return of capital.

Based on this new direction, the Company announced on October 28th that it plans to pay a $0.40 per share special distribution to shareholders, subject to shareholder and regulatory approval. The distribution is intended to be a return of capital, which would require shareholder approval of a reorganization of the Company's share capital. Pan Orient anticipates that the required annual and special meeting of shareholders will be held in mid-January 2022. If approved by shareholders, the record date for the determination of shareholders entitled to receive the distribution would be set and the distribution paid in early-February 2022.

It is currently proposed that in the period after the sale of the Company's oil and gas interests, and the distribution of the vast majority of cash to shareholders, the Company will continue to pursue international oil and gas opportunities with a substantially scaled down cost structure.

COVID-19 Coronavirus

The operations in Thailand of Pan Orient Energy (Siam) Ltd. ("POS") continue to be somewhat affected by the worldwide COVID-19 coronavirus pandemic. The Thailand government imposed a state of emergency in late March 2020, giving it wide-ranging powers to address the crisis. Domestic travel restrictions have now been eased and restrictions on fully vaccinated foreigners entering Thailand are being reduced.

Prudent measures have been taken by POS to help protect the health and safety of staff, which are of paramount importance. Fortunately, POS in Thailand was able to complete its initial three well 2021 appraisal drilling program. POS and Pan Orient are well-positioned to withstand these unprecedented events. The Company is optimistic about a return to normal operations and continued strength in world oil prices.

Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations currently located onshore Thailand and Western Canada.

This news release contains forward-looking information. Forward-looking information is generally identifiable by the terminology used, such as "expect", "believe", "plans", "estimate", "should", "anticipate" and "potential" or other similar wording. Forward-looking information in this news release includes, but is not limited to, references express or implied to; well drilling and workover programs; the scope of an updated reservoir simulation; the initiation of a process to accelerate shareholder value; a planned special cash distribution to shareholders and the timing and manner of that distribution; and the Company's intentions regarding operations after the sale of its oil and gas interest and distribution of cash to shareholders. By their very nature, the forward-looking statements contained in this news release require Pan Orient and its management to make assumptions that may not materialize or that may not be accurate. The forward-looking information contained in this news release is subject to known and unknown risks and uncertainties and other factors, which could cause actual results, expectations, achievements or performance to differ materially, including without limitation: imprecision of reserves estimates and estimates of recoverable quantities of oil, changes in project schedules, operating and reservoir performance, the effects of weather and climate change, the results of exploration and development drilling and related activities, demand for oil and gas, commercial negotiations, other technical and economic factors or revisions, regulatory and legal requirements, shareholder opinions and voting results, availability of other oil and gas opportunities and other factors, many of which are beyond the control of Pan Orient. Although Pan Orient believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Financial and Operating Summary

Three Months Ended
September 30,

Nine Months Ended
September 30,

%
Change

(thousands of Canadian dollars except where indicated)

2021

2020

2021

2020

FINANCIAL






Financial Statement Results – Excluding 50.01% Interest in Thailand Joint
Venture (Note 1)






Net income (loss) attributed to common shareholders

2,872

(1,063)

5,528

(59,214)

-109%


Per share – basic and diluted

$ 0.06

$ (0.02)

$ 0.11

$ (1.12)

-109%

Cash flow used in operating activities (Note 2 & 3)

(227)

(355)

(1,838)

(1,345)

37%


Per share – basic and diluted

$ (0.00)

$ (0.01)

$ (0.04)

$ (0.03)

37%

Cash flow from (used in) investing activities (Note 2 & 3)

(8)

2,808

8,614

7,010

23%


Per share – basic and diluted

$ 0.00

$ 0.05

$ 0.17

$ 0.13

23%

Cash flow used in financing activities (Note 2 & 3)

(97)

(65)

(1,725)

(1,507)

14%


Per share – basic and diluted

$ (0.00)

$ (0.00)

$ (0.03)

$ (0.03)

14%

Change in cash and cash equivalents from discontinued operations (Note 3)

(7)

(42)

(143)

(749)

-81%

Working capital

27,831

25,802

27,831

25,802

8%

Working capital & non-current deposits

28,443

26,411

28,443

26,411

8%

Long-term debt

-

-

-

-


Shares outstanding (thousands)

49,794

52,077

49,794

52,077

-4%

Capital Commitments (Note 4)

801

719

801

719

11%

Working Capital and Non-current Deposits






Beginning of period – Excluding Thailand Joint Venture

29,542

24,801

23,577

22,158

6%


Adjusted funds flow used in continuing operations (Note 3 & 6)

(217)

(1,122)

(2,304)

(1,586)

45%


Adjusted funds flow from (used in) discontinued operations (Note 3)

(139)

(12)

(161)

348

-146%


Consolidated capital expenditures (excluding Thailand Joint Venture)(Note 7)

-

-

-

(85)

-100%


Amounts received from (advanced to) Thailand Joint Venture

(8)

(8)

39

(18)

-317%


Dividend received from Thailand Joint Venture

-

2,812

8,574

7,112

21%


Finance lease payments

(2)

(5)

(21)

(136)

-85%


Changes in current decommissioning liabilities in Indonesia

(643)

-

(643)

-



Normal course issuer bid

(95)

(61)

(1,704)

(1,483)

15%


Automatic shares purchase plan (Note 8)

-

-

945

-



Effect of foreign exchange and other

5

6

141

101

40%

End of period - Excluding Thailand Joint Venture

28,443

26,411

28,443

26,411

8%

Pan Orient 50.01% interest in Thailand Joint Venture Working Capital and Non-
Current Deposits

5,332

3,509

5,332

3,509

52%

Economic Results – Including 50.01% Interest in Thailand Joint Venture






Total corporate adjusted funds flow from (used in) operations by region (Note 6)







Canada

(200)

(1,115)

(2,274)

(1,565)

45%


Thailand (Note 9)

(17)

(7)

(30)

(21)

43%


From continuing operations

(217)

(1,122)

(2,304)

(1,586)

45%


Indonesia – Discontinued Operations

(139)

(12)

(161)

348

-146%


Adjusted funds flow used in operations (excl. Thailand Joint Venture)

(356)

(1,134)

(2,465)

(1,238)

99%


Share of Thailand Joint Venture (Notes 1 & 5)

5,364

3,544

14,735

9,257

59%

Total corporate adjusted funds flow from operations

5,008

2,410

12,270

8,019

53%


Per share – basic and diluted

$ 0.10

$ 0.05

$ 0.24

$ 0.15

62%

Capital Expenditures – Petroleum and Natural Gas Properties (Note 7)






Canada

-

-

-

85

-100%

Consolidated capital expenditures (excl. Thailand Joint Venture)

-

-

-

85

-100%

Share of Thailand Joint Venture capital expenditures

1,273

3,410

4,950

8,604

-42%

Total capital expenditures (incl. Thailand Joint Venture)

1,273

3,410

4,950

8,689

-43%

Investment in Thailand Joint Venture






Beginning of period

21,899

30,709

28,329

34,127

-17%


Net income from Joint Venture

3,316

121

7,887

612

1189%


Other comprehensive loss from Joint Venture

(587)

(1,217)

(2,967)

(836)

255%


Dividend paid

-

(2,812)

(8,574)

(7,112)

21%


Amounts (received from) advanced to Joint Venture

8

8

(39)

18

-317%

End of period

24,636

26,809

24,636

26,809

-8%



Three Months Ended
September 30,

Nine Months Ended
September 30,

% Change

(thousands of Canadian dollars except where indicated)

2021

2020

2021

2020

Thailand Operations






Economic Results – Including 50.01% Interest in Thailand Joint
Venture (Note 5)






Oil sales (bbls)

128,988

102,466

377,987

306,883

23%

Average daily oil sales (BOPD) by Concession L53

1,402

1,114

1,385

1,120

24%

Average oil sales price, before transportation (CDN$/bbl)

$ 87.55

$ 53.38

$ 80.06

$ 52.94

51%

Reference Price (volume weighted) and differential







Crude oil (Brent $US/bbl)

$ 73.27

$ 42.57

$ 67.68

$ 40.44

67%


Exchange Rate $US/$Cdn

1.27

1.34

1.26

1.36

-7%


Crude oil (Brent $Cdn/bbl)

$ 93.26

$ 57.25

$ 85.81

$ 55.03

55%


Sale price / Brent reference price

94%

93%

94%

96%

-3%

Adjusted funds flow from (used in) operations (Note 6)







Crude oil sales

11,293

5,470

30,261

16,245

86%


Government royalty

(603)

(284)

(1,620)

(833)

94%


Transportation expense

(304)

(231)

(892)

(691)

29%


Operating expense

(672)

(818)

(2,117)

(2,330)

-9%


Field netback

9,714

4,137

25,632

12,391

107%


General and administrative expense (Note 9)

(217)

(203)

(628)

(662)

-5%


Interest income

1

-

2

6

-67%


Foreign exchange gain (loss)

(24)

13

(39)

42

-193%


Current income tax

(4,127)

(410)

(10,263)

(2,541)

304%


Thailand - Adjusted funds flow from operations

5,347

3,537

14,704

9,236

59%

Adjusted funds flow from (used in) operations / barrel (CDN$/bbl) (Note 6)







Crude oil sales

$ 87.55

$ 53.38

$ 80.06

$ 52.94

51%


Government royalty

(4.67)

(2.77)

(4.29)

(2.71)

58%


Transportation expense

(2.36)

(2.25)

(2.36)

(2.25)

5%


Operating expense

(5.21)

(7.98)

(5.60)

(7.59)

-26%


Field netback

$ 75.31

$ 40.37

$ 67.81

$ 40.38

68%


General and administrative expense (Note 9)

(1.68)

(1.98)

(1.66)

(2.16)

-23%


Interest Income

0.01

-

0.01

0.02

-73%


Foreign exchange gain (loss)

(0.19)

0.13

(0.10)

0.14

-175%


Current income tax

(32.00)

(4.00)

(27.15)

(8.28)

228%


Thailand – Adjusted funds flow from operations

$ 41.45

$ 34.52

$ 38.90

$ 30.10

29%

Government royalty as percentage of crude oil sales

5.3%

5.2%

5.4%

5.1%

0%

Income tax as percentage of crude oil sales

37%

7%

34%

16%

18%

As percentage of crude oil sales







Expenses - transportation, operating, G&A and other

11%

23%

12%

22%

-10%


Government royalty and income tax

42%

13%

39%

21%

18%


Adjusted funds flow from operations, before interest income

47%

65%

49%

57%

-8%

Wells drilled







Gross

-

2

3

7

-57%


Net

-

1.0

1.5

3.5

-57%

Financial Statement Presentation

Results – Excl. 50.01% Interest in Thailand Joint Venture (Note 1)







General and administrative expense (Note 9)

(17)

(7)

(30)

(21)

43%


Adjusted funds flow used in consolidated operations

(17)

(7)

(30)

(21)

43%

Adjusted fund flow Included in Investment in Thailand Joint Venture







Net income from Thailand Joint Venture

3,316

121

7,887

612

1189%


Add back non-cash items in net income

2,048

3,423

6,848

8,645

-21%


Adjusted funds flow from Thailand Joint Venture

5,364

3,544

14,735

9,257

59%

Thailand – Economic adjusted funds flow from operations (Note 5)

5,347

3,537

14,705

9,236

59%


Three Months Ended

September 30,

Nine Months Ended

September 30,

% Change

(thousands of Canadian dollars except where indicated)

2021

2020

2021

2020

Canada Operations






Interest income

17

69

35

201

-83%

General and administrative expenses (Note 9)

(431)

(455)

(1,472)

(1,524)

-3%

Operating expense (Note 10)

(81)

(93)

(220)

(156)

41%

Stock based compensation on restricted share units (note 11)

(274)

(152)

(626)

(227)

176%

Realized foreign exchange gain (loss) (Note 12)

(1)

-

-

1

-100%

Unrealized foreign exchange gain (loss) (Note 12)

570

(484)

9

140

-94%

Canada – Adjusted funds flow used in operations

(200)

(1,115)

(2,274)

(1,565)

45%

Decommissioning (expense) recovery (Note 13)

717

(88)

888

(295)

-401%

Indonesia - Discontinued Operations






General and administrative expense (Note 9)

(68)

(66)

(167)

(223)

-25%

Exploration (expense) recovery (Note 14)

2

2

(1)

674

-100%

Foreign exchange gain (loss)

(73)

52

7

(103)

-107%

Indonesia – Adjusted funds flow from (used in) operations

(139)

(12)

(161)

348

-146%

Decommissioning expense (Note 13)

(632)

-

(632)

-


Adjustment for other non-cash items

-

1

-

(121)

-100%

Net income (loss) from discontinued operations in Indonesia

(771)

(11)

(793)

227

-449%

(1)

Pan Orient holds a 50.01% equity interest in Pan Orient Energy (Siam) Ltd. as a joint arrangement where the Company
shares joint control with the 49.99% equity interest holder. The resulting joint arrangement is classified as a Joint Venture
under IFRS 11 and is accounted for using the equity method of accounting where Pan Orient's 50.01% equity interest in the
assets, liabilities, working capital, operations and capital expenditures of Pan Orient Energy (Siam) Ltd. are recorded in
Investment in Thailand Joint Venture.

(2)

As set out in the Consolidated Statements of Cash Flows in the Consolidated Financial Statements of Pan Orient Energy
Corp.

(3)

The East Jabung Production Sharing Contract ("PSC") expired in January 2020 and the operator is determining final steps
to be taken for formal approval of the expiry from the Government of Indonesia. Pan Orient is withdrawing from operations
in Indonesia and the office in Jakarta was closed March 31, 2020. For accounting purposes, the operation in Indonesia for
accounting purposes is considered a discontinued operation since 2020.

(4)

Refer to Commitments note disclosure of the September 30, 2021 and September 30, 2020 Interim Condensed Consolidated
Financial Statements.

(5)

For the purpose of providing more meaningful economic results from operations for Thailand, the amounts presented include
50.01% of results of the Thailand Joint Venture. Pan Orient has a 50.01% ownership interest in Pan Orient Energy (Siam)
Ltd., but does not have any direct interest in, or control over, the crude oil reserves, operations or working capital of on-shore
Concession L53.

(6)

Total corporate adjusted funds flow from operations is cash flow from operating activities prior to changes in non-cash working
capital, unrealized foreign exchange gain or loss plus the corresponding amount from Pan Orient's 50.01% interest in the
Thailand Joint Venture which is recorded in Joint Venture for financial statement purposes. This measure is used by
management to analyze operating performance and leverage. Adjusted funds flow as presented does not have any
standardized meaning prescribed by IFRS and therefore it may not be comparable with the calculation of similar measures of
other entities. Adjusted funds flow is not intended to represent operating cash flow or operating profits for the period nor
should it be viewed as an alternative to cash flow from operating activities, net earnings or other measures of financial
performance calculated in accordance with IFRS.

(7)

Cost of capital expenditures excluded decommissioning costs and the impact of changes in foreign exchange.

(8)

In December 2020, the Company entered into an Automatic Share Purchase Plan ("ASPP"), which permits an independent
broker to repurchase shares during certain blackout periods under the Company's normal course issuer bid, subject to agreed
trading parameters and other instructions for such purchases. At September 30, 2021, the Company recognized a provision
of $nil (December 31, 2020 - $0.9 mill) in accounts payable and accrued liabilities as an estimate for the number of shares
that may be repurchased during potential blackout periods at the maximum share price under the ASPP.

(9)

General & administrative expenses, excluding non-cash accretion expense. The nominal amount of G&A shown in the three
months and nine months ended September 30, 2021 and 2020 for Thailand operations related to G&A of the holding company
of Pan Orient Energy (Siam) Ltd.

(10)

Operating expense related to Andora's suspended demonstration project facility and wellpair at Sawn Lake Central. These
expenses were previously capitalized prior to the E&E impairment recorded during the first quarter of 2020.

(11)

The Company granted 1,050,000 and 520,000 restricted share units ("RSUs") to directors, senior management, employees
and consultant on May 19, 2020 and May 14, 2021, respectively. At September 30, 2021, 1,199,999 RSUs are outstanding.
The amount represents the stock-based compensation expenses.

(12)

Realized and unrealized foreign exchange gain or loss mainly related to the U.S. dollars denominated cash balances held in
Canada.

(13)

Decommissioning (expense) recovery related to changes in non-cash estimate in the decommissioning liabilities in Andora
in Canada, East Jabung PSC and Batu Gajah PSC in Indonesia.

(14)

Adjustment to previously booked capital expenditures at East Jabung PSC.

(15)

Tables may not add due to rounding.

SOURCE Pan Orient Energy Corp.

Cision
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