3rd Jan 2006 10:46
Pan Andean Resources PLC03 January 2006 US Drilling and Production Update Pan Andean Resources plc announces that: drilling on the Neff - Geissen No 1well onshore Texas has reached target. The reservoir was encountered butcontained water. The well has been plugged. In a separate development the company has been informed by Sterling Exploration& Production Company who will pump and pipe oil from our High Island 30 Platformin the Gulf of Mexico that they have been unable to complete repairs andrefurbishment of their own facilities due to a lack of service boats. It willbe "several weeks" before a boat can be secured to lift the equipment intoplace. The No 3 well on High Island 52 in which Pan Andean has a 50% interest isexpected to be back in production this week. The Gryphon wells on High Island52 (Pan Andean has a 1.3% royalty) continues to produce in excess of 30 millioncubic feet of gas a day. Onshore Texas gas production continues from the Zachryand Vrazel Wells. Contacts: Jim Finn + 353 1 8332833 Bell Pottinger Corporate & FinancialNick Lambert +44 7811 358 764 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Pensana