19th Sep 2008 07:00
Pan Andean Resources Plc
Pan Andean is an oil and gas producer and explorer in South America
and the Gulf of Mexico
19th September 2008
Danbury Dome Drilling
Pan Andean (AIM: PRE), the AIM listed oil and gas producer is pleased to announce the commencement of drilling of the Vieman No.1 well on its Danbury Dome leases, onshore Texas.
The target is the Anomalina Sands which 3D seismic surveys indicate could contain up to 28 billion cubic feet of gas at depths of between 13,000 and 13,500 feet. The well, which will take approximately 45 days to drill to target depth, is being drilled and operated by Turnkey E&P Corporation and will cost in excess of $5m.
A consortium of North American companies has been formed to drill Danbury Dome. Pan Andean will have a 20 per cent free carry after pay-out following commercial discovery. In addition, Pan Andean will participate for an additional 15 per cent. This
will give Pan Andean a net 31.25 per cent interest if this well is a discovery. The well will be drilled and operated by Turnkey E&P Corporation.
David Horgan, Managing Director of Pan Andean Resources commented;
"Danbury Dome's gas potential is very large. This is well supported by seismic and other studies. Although wells drilled to date have been unsuccessful and may never have reached the target zone, which is deep by Texan standards, the operator and principal partner is a Canadian company experienced in deep drilling, so we have every hope that we can get a definitive result with this well."
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 Plc |
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John Wakefield |
+44 (0)1179 330020 |
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Simon Moynagh |
www.panandeanresources.com
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