24th Apr 2008 07:00
Pan Andean Resources PLC24 April 2008 Pan Andean Resources plc Pan Andean is an oil and gas producer and explorer in South America and the Gulf of Mexico 24th April 2008 Recommencement of Production: High Island 30 Highlights: O High Island 30 back on production O Flow rates of 75 barrels a day O Additional drilling prospect on the block under consideration The board of Pan Andean (AIM:PRE) announces the restart of production on HighIsland 30 (62.91% Pan Andean) in the Gulf of Mexico. Production is currently about 75 barrels a day giving a net income to Pan Andeanof $75,000 a month to which is added a $30,000 monthly net income from Hunt Oilwho pump oil from an adjacent oil field though the platform. The one producingwell on High Island 30 was closed during 2004 to allow for refurbishment,installation of gas lift and new pipelines to shore. The operator of High Island 30, Hunt Oil and Pan Andean are examining options toincrease production from the existing well while Pan Andean is bringing forwardthe evaluation of a potential drilling target previously identified on theblock. This announcement has been approved by Ivan Sandrea, Director, Pan Andean. MrSandrea has more than 10 years of international E&P experience. John Teeling, Chairman, said; "High Island 30 is back on stream and generating positive income for PanAndean, though the current rate of production is below expectations. Options toenhance production from the well are being examined. Meanwhile, we will evaluatea drilling target earlier identified on the block." Contacts: Pan AndeanDavid Horgan, Managing + 353 87 292 3500DirectorJohn Teeling, Chairman + 353 1 833 2833 College HillPaddy Blewer +44 (0)20 7457 2020Nick Elwes Blue Oar SecuritiesJohn Wakefield +44 (0)1179 330020Simon Moynagh www.panandeanresources.com Notes to Editors: Pan Andean produces oil and gas in Bolivia and the Gulf of Mexico and isexploring in Peru and Colombia. In Peru, the Company has a joint venture withCEPSA of Spain. In Colombia, a seismic programme is underway on the Antorchablock. Pan Andean was formed in 1988, listed on AIM in 1995, has over 5000 shareholdersand is profitable. Directors: John Teeling, Chairman, David Horgan, Managing, Guy Delbes (FR), Stefano Borghi (ITL), Jim Finn, Company Secretary Registered Office: 162 Clontarf Road, Dublin 3, Ireland This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Pensana