Business
Final Results
Final Results.
About this update from Pensana Plc
[{"type":"text","content":"\n RNS Number : 8035Z Pan Andean Resources PLC 29 September 2009 \n \n29th September 2009\n\nPan Andean Resources plc\n\nPreliminary Results for Year Ended 31 March 2009\n\n\nHighlights:\n\n\n\n\n\n•\n\n\nPan Andean is one of the few profitable cash positive AIM listed oil and gas producers\n\n\n\n\n\n\n\n\n\n\n\n\n•\n\n\nOperating profits to March 2009 were £1 million (£933,000 in 2008)\n\n\n\n\n\n\n\n\n\n\n\n\n•\n\n\nPan Andean is the sixth largest oil and gas licence holder onshore Peru\n\n\n\n\n\n\n\n\n\n\n\n\n•\n\n\nThree of its four blocks are joint ventured with the partners committed to spend over US$100 million on exploration in the next three years\n\n\n\n\n\n\n\n\n\n\n\n\n•\n\n\nPan Andean is fully carried through this work programme\n\n\n\n\n\n\n\n\n\n\n\n\n•\n\n\nFirst wells will be drilled by the end of 2010 / early 2011\n\n\n\n\n\n\n\n\n\n\n\n\n•\n\n\nThe Antorcha licence in Peru is ready for drilling. Pan Andean is at an advanced stage in bringing in a partner to drill six wells. The first well will start by the end of the first quarter 2010.\n\n\n\n\n\n\n\n\n\n\n\n\n•\n\n\nThe US assets of Pan Andean, mainly royalties, provide the cashflow to fund the acquisition of the exclusive South American portfolio. Low gas prices in the US will adversely impact on income in the current year.\n\n\n\n\n\nJohn Teeling, Chairman of Pan Andean Resources commented;\n\n'Pan Andean has a strong and outstanding exploration portfolio partnered with major oil companies. Oil and gas exploration takes time. The early years have little excitement, but the seismic mapping and structural evaluation are vital for successful drilling. Pan Andean will be drilling in Colombia within months and in Peru by end 2010'. \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\nNick Elwes\n\n\n+44 (0)20 7457 2020\n\n\n\n\n\n\n\n\n\n\n\n\nSmith & Williamson Corporate Finance\n\n\n\n\n\n\n\nBarrie Newton\n\n\n+44 (0)117 376 2213\n\n\n\n\nNick Reeve\n\n\n+44 (0)117 376 2213\n\n\n\n\n\nwww.panandeanresources.com\n\n\nPan Andean Resources plc - ...