Business
Recommencement of Production
Recommencement of Production.
About this update from Pensana Plc
[{"type":"text","content":"\n Pan Andean Resources PLC\n24 April 2008\n\n\n\n Pan Andean Resources plc\n\n\n\n Pan Andean is an oil and gas producer and explorer in South America\n\n and the Gulf of Mexico\n\n\n\n\n\n24th April 2008\n\n\n\nRecommencement of Production: High Island 30\n\n\n\nHighlights:\n\n\n\nO High Island 30 back on production\n\nO Flow rates of 75 barrels a day\n\nO Additional drilling prospect on the block under consideration\n\n\n\nThe board of Pan Andean (AIM:PRE) announces the restart of production on High\nIsland 30 (62.91% Pan Andean) in the Gulf of Mexico.\n\n\n\nProduction is currently about 75 barrels a day giving a net income to Pan Andean\nof $75,000 a month to which is added a $30,000 monthly net income from Hunt Oil\nwho pump oil from an adjacent oil field though the platform. The one producing\nwell on High Island 30 was closed during 2004 to allow for refurbishment,\ninstallation of gas lift and new pipelines to shore.\n\n\n\nThe operator of High Island 30, Hunt Oil and Pan Andean are examining options to\nincrease production from the existing well while Pan Andean is bringing forward\nthe evaluation of a potential drilling target previously identified on the\nblock.\n\n\n\nThis announcement has been approved by Ivan Sandrea, Director, Pan Andean. Mr\nSandrea has more than 10 years of international E&P experience.\n\n\n\n\nJohn Teeling, Chairman, said;\n\n 'High Island 30 is back on stream and generating positive income for Pan\nAndean, though the current rate of production is below expectations. Options to\nenhance production from the well are being examined. Meanwhile, we will evaluate\na drilling target earlier identified on the block.'\n\n\nContacts:\n\nPan Andean\nDavid Horgan, Managing + 353 87 292 3500\nDirector\nJohn Teeling, Chairman + 353 1 833 2833\n\nCollege Hill\nPaddy Blewer +44 (0)20 7457 2020\nNick Elwes\n\nBlue Oar Securities\nJohn Wakefield +44 (0)1179 330020\nSimon Moynagh\n\n\n\nwww.panandeanresources.com\n\n\n\n\n\nNotes to Editors:\n\n\n\nPan Andean produces oil and gas in Bolivia and the Gulf of Mexico and is\nexploring in Peru and Colombia. In Peru, the Company has a joint venture with\nCEPSA of Spain. In Colombia, a seismic programme is underway on the Antorcha\nblock.\n\n\n\nPan Andean was formed in 1988, listed on AIM in 1995, has over 5000 shareholders\nand is profitable.\n\n\n\nDirectors: ...