Business
Farm Out to CEPSA Completed
Farm Out to CEPSA Completed.
About this update from Pensana Plc
[{"type":"text","content":"\n RNS Number : 1603E Pan Andean Resources PLC 24 September 2008 \n \n\nPan Andean Resources plc\n\nPan Andean is an oil and gas producer and explorer in South America\n and the Gulf of Mexico\n\n\n\n24th September 2008\n\n\nFarm Out to CEPSA Completed on Blocks 114 and 131 in the Ucayali Basin of Peru\n\nThe directors of Pan Andean are pleased to announce that CEPSA of Spain and Perupetrol have finalised the legal agreement whereby CEPSA becomes the operator of Blocks 114 and 131 in the Ucayali area of Peru. A Supreme Decree has been issued authorising the transaction.\n\nUnder the terms of the agreement, Pan Andean maintains a 30 per cent carried interest in each block with all expenditure funded by CEPSA, up to and including 100 per cent of the first exploration well on each block and 50 per cent of a second well on each block.\n\nCEPSA have paid Pan Andean back costs incurred on the blocks totalling $3 million to date on both blocks.\n\nThis announcement has been approved by Ivan Sandrea, Director, Pan Andean. Mr. Sandrea has more than 10 years of international E&P experience.\n\n\nContacts:\n\n\n\n\n\nPan Andean\n\n\n\n\n\n\n\nDavid Horgan, Managing Director \n\n\n+ 353 87 292 3500\n\n\n\n\nJohn Teeling, Chairman\n\n\n+ 353 1 833 2833\n\n\n\n\n\n\n\n\n\n\n\n\nCollege Hill\n\n\n\n\n\n\n\nPaddy Blewer\n\n\n+44 (0)20 7457 2020\n\n\n\n\nNick Elwes\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBlue Oar Securities Plc\n\n\n\n\n\n\n\nJohn Wakefield\n\n\n+44 (0)1179 330020\n\n\n\n\nSimon Moynagh\n\n\n\n\n\n\n\n\nwww.panandeanresources.com\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCDGGZLRDRGRZG \n ","length":5341,"tagName":"div"}]