17th Jul 2007 07:00
Pan Andean Resources PLC17 July 2007 Pan Andean Resources Acquisition of new exploration blocks • Two new exploration blocks awarded in Peru in competitive bidding round • Pan Andean 100% ownership in both blocks Pan Andean Resources PLC ('Pan Andean' or 'the Company') the AIM listed oil andgas producer (AIM:PRE) is very pleased to announce that it has been awarded twonew exploration blocks in Peru in a competitive tender process. Pan Andean'snew blocks are Block 131 in the central Ucayali basin, and Block 141 located inthe Titicaca basin. Block 131 has a total area of approximately 40 000 square km and is located westof Pan Andean's Block 114 in which exploration activities have been ongoingsince 2006. The directors consider the block which has approximately 750kilometers of 2D seismic, four wells, and three known oil seeps, to be highlyprospective. The minimum work program for this block includes the reprocessingof 500 km of 2D seismic and the presentation of a geological and geophysicalevaluation report in a period of 12 months. Commercial terms are world class. The Ucayali basin has become one of the most attractive under explored basins inPeru among international oil companies and is also the host of the world classgiant Camisea gas condensate field. Block 141 has approximately 22 000 square km and is northwest of Lake Titicacain the high plains of Peru. The block is in a frontier basin. However, thebasin has a working petroleum system having seen successful explorationactivities as early as 1875 when the Pirin oil field was discovered. The workprogram for this block includes regional geological studies, the surveying andprocessing of aeromagnetic and aerogravimetric data in a period of 18 months.Commercial terms are world class. Managing Director, David Horgan said: "We are pleased with the important new acreage which has been awarded to PanAndean. We have identified numerous potentially valuable plays in both blocksand look forward to executing in the near future. Block 131 is of particular interest, with a recent discovery adjacent to ourblock and previous drilling resulting in hydrocarbons shows. We believe that ourmanagement experience and utilizing modern technologies will allow us to developthe project successfully. These acquisitions are very much in line with Pan Andean's growth strategy offocusing on prospects with high exploration potential in both Colombia and Peru". Contacts: David Horgan, Managing Director + 353 87 292 3500 John Teeling, Chairman + 353 1 8332833 College Hill Paddy Blewer + 44 (0)20 7457 2074 Nick Elwes Blue Oar Securities John Wakefield + 44 (0) 1179 330011 Pan Andean was founded in 1988. The group has assets in Bolivia and Peru andimportant working interests and minority holdings in the United States in theGulf of Mexico (offshore) and Texas (onshore). Pan Andean's strategy is toidentify and access unique opportunities in frontier and established basins withtransforming commercial potential in South America. This announcement has been approved by Mr. Ivan Sandrea, Director Pan Andean.Mr. Sandrea has more than 10 years of international E&P experience. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Pensana