Business
Directorate Change
Directorate Change.
About this update from Pensana Plc
[{"type":"text","content":"\n Pan Andean Resources PLC\n18 August 2006\n\n Pan Andean is an oil and gas producer and explorer in South America and \n the Gulf of Mexico\n\n\n\n Pan Andean Resources plc\n\n Directorate Change and Operational Update\n\nHighlights:\n\n\n> OPEC Principal Oil Supply Analyst Ivan Sandrea joins the board\n> Work commences on Peruvian Operations\n> Potentially positive political movement in Bolivia\n> Preliminary assessment of Iranian exploration target\n\n\nThe directors of Pan Andean Resources (AIM:PRE) are delighted to welcome Ivan\nSandrea to the board of directors. Ivan is the Principal Oil Supply Analyst at\nthe Organisation of Petroleum Exporting Countries (OPEC). He was formerly\nAssociate Vice President of Oil & Gas at Merrill Lynch in London. An\nexploration geologist and Venezuelan national, Ivan Sandrea has also worked with\nBP Exploration International in Egypt, Norway and Venezuela.\n\n\nPan Andean Begins Work in Peru\n\nFollowing the signing of the Contract for Lot 114, covering 770,000 hectares in\nthe Central Ucayali Jungle, Pan Andean immediately began to work towards the\ngoal of early discovery of economic reserves of oil.\n\n\nTowards this end, we have obtained from the Peruvian state oil company\nPerupetro, the digital tapes including approximately 2,000 kilometers of seismic\ndata.\n\nWhere appropriate, these data will be reprocessed and re-interpreted. Work\nrequired to confirm the geographic coordinates of the original seismic lines\nwill be completed by end November.\n\nTogether with our technical partners, Compania Consultora de Petroleo, we have\nbegun the evaluation work required to identify the best drill locations.\n\nSimultaneously, Community Relations efforts are underway. In accordance with\nPeruvian law, we are already preparing for the required Community Workshops.\nWorkshops will be held during the month of October at the towns of Masisea and\nIparia, with over 200 community leaders from throughout the area expected. At\neach presentation, Pan Andean and Perupetro, on behalf of the Peruvian\nGovernment, will outline its plans and general work program for Lot 114.\n\nWe are finalising terms of reference for the Environmental Impact Study. The\nscope of study will cover the first four well locations, any required seismic\nwork, the access road and regional work covering the entir...