16th Sep 2008 07:00
16th September 2008
Pan Andean Awarded Block 161 in Peru New Area Tender
The directors of Pan Andean (AIM:PRE), the US and South American oil and gas producer are delighted to announce that Pan Andean has been awarded 100% of Block 161 in the recent Peruvian exploration area licensing round.
This award complements the three other blocks (114, 131 and 141) currently held by the Company in Peru.
Block 161 is a 492,000 hectare block in the west of the Ucayali basin in central Peru. It has oil seeps, 925km of seismic and five wells drilled decades ago. Three prospects are already identified; Pisqui, Tahwaya and Juanita. There are producing fields close by.
The focus of Pan Andean in Peru is the Ucayali basin where the Company now holds 30% of Blocks 114 and 131. The decision of the Hess Corporation to focus exploration on Brazil and withdraw from Block 161 provided a rare opportunity for Pan Andean to leverage their knowledge of the Ucayali basin and to acquire a block with excellent potential.
The planned work schedule involves reprocessing existing seismic and reinterpreting well logs, running new seismic and drilling at least one exploration well.
David Horgan, Managing Director of Pan Andean Resources, commented;
"The award of Block 161 reinforces the position of Pan Andean as one of the leading ground holders in Peru. Our focus on Peru in recent years, in particular on the Ucayali basin is paying off. The Ucayali area is an emerging oil producer and we are delighted to add to our ground holdings in the area."
This announcement has been approved by Ivan Sandrea, Director, Pan Andean. Mr. Sandrea has more than 10 years of international E&P experience.
Contacts:
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Pan Andean Resources Plc |
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David Horgan, Managing Director |
+ 353 87 292 3500 |
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John Teeling, Chairman |
+ 353 1 833 2833 |
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College Hill |
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Paddy Blewer |
+44 (0)20 7457 2020 |
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Nick Elwes |
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Blue Oar Securities |
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John Wakefield |
+44 (0)117 933 0020 |
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Simon Moynagh |
www.panandeanresources.com
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